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Think of it as Craigslist, only for loans. A new online venture launched Wednesday is intended to provide a confidential marketplace for lending professionals to share data on loan assets to buy, sell or fund. Similar to a traditional Realtors' multiple listing service, "LoanMLS.com":http://www.loanmls.com/ is a post exchange site where sellers can offer mortgages or pools. Users will pay to post their listings and can buy additional upgrade options to prioritize their listings and raise their visibility. Investors will then be able to scan those listings by a number of search criteria. Users can register for free to begin using the site. "LoanMLS allows loan professionals to reach way beyond their personal networks and lets them interact directly with thousands of other lending professionals across the country," said Martin Goodman, the founder and president of LoanMLS, Inc., which runs the Web site. "It is different from any other loan sale website because there are no commissions, and buyers and sellers connect directly instead of being forced to deal with an intermediary." The website provides detailed information on each loan listing, including loan-to-value, asking price, past performance, property value, etc., while maintaining the confidentiality of the seller and the loan's underlying borrower. As with the real estate multiple listing service, all transactions are conducted outside the LoanMLS system, with buyers and sellers using their preferred vendors. "I like to refer to it as a 'dating service for lenders,'" Goodman said. "LoanMLS can do for loans what the stock exchange does for stocks."
