Online mortgage originator BondNet has announced the launch of its new Web-enabled bidding system and the appointment of Tielman de Villiers as MD.
According to BondNet director, Greg Dunsford-White, the development and implementation of the new system is just one of a series of exciting moves at the online originator.
"At the end of last year after an 18-month proof of concept period, we re-capitalised the company internally and appointed Tielman de Villiers as managing director. From the date of launch in September 1999, over three quarter of a billion rand of mortgage bonds have been processed through the BondNet system."
De Villiers is a veteran of the Internet, having started the financial desk at News24.com, the online news arm of Naspers. He then moved over to I-Net Bridge, where he was responsible for developing and running NetAssets, a personal finance Web site.
According to De Villiers, BondNet will shortly announce the addition of at least two leading banks to BondNet`s panel of bidding banks, which will substantially increase its offering to its customers, as well as increase its successful closure of deals. De Villiers is responsible for the development of the Web-enabled bidding system to replace the original e-mail-based system.
"The new system is faster and more efficient and makes integrating applications into the banks` systems very simple. The new system also offers improved security as well as the facility for users and financial partners to track applications and bids online. We have also moved our servers to Internet Solution`s backbone to improve stability and security."
De Villiers has definite ideas about the direction in which he wants to take BondNet. "BondNet is a free service which offers home buyers an extraordinary value proposition and over the next year we plan to get that message out there.
"We are paid a commission of 0.4% by the successful bidding bank. Besides the fact that the commission we earn is very low compared to industry rates which vary from 0.5 to over 2% of the loaned amount, BondNet is totally transparent, and unlike many players involved in mortgage origination, we disclose our commission up front on the front page and every page of our Web site www.bondnet.co.za. The competitively-priced commission we earn results in very keen interest rates for clients."
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