BET.com (http://www.bet.com) announced today that it has entered into a partnership with Fannie Mae (http://www.fanniemae.com), Cendant Mortgage
(http://www.cendant.com) and HomeSide Lending
(http://www.homesidelending.com) to create the BET.com Home Center channel.
The new Home Center is designed to simplify the home-buying process for African Americans by providing them with relevant information on all aspects of the process and online resources for home loan origination.
Cendant Mortgage and Home-Side Lending will provide BET.com's visitors with mortgage information and the ability to apply for a loan online. Fannie Mae will provide the technology behind the lenders' mortgage-transaction platform.
In the first quarter of this year, 73.4% of white households across the nation owned their homes--but only 47.8% of African American households, according to the Department of Housing and Urban Development.
BET.com plans on introducing the Home Center in two phases. Phase 1 will feature step-by-step information on how to buy a home, as well as access to lenders who will help visitors through the online loan-application process. Phase 2 will offer expanded content for demographically targeted communities as well as real estate listings and is scheduled to debut in the third quarter of 2000.
Additional features of the Home Center will include tools and calculators and tips on managing credit as well as advice on loans, refinancing and home improvements.