REDWOOD CITY, Calif.--(BUSINESS WIRE)--June 15, 2005--Mortgage Benefits Corporation (MBC; www.mortgageplans.com), the leading provider of group mortgage benefit plans, today announced a strategic partnership with Work & Family Benefits, Inc. (WFB; www.wfbenefits.com), the nation's largest provider of Dependent Care Resource and Referral Services to Employer Clients, to bundle MBC's MortgageChoice Plan(TM) group mortgage benefit on WFB's My Life Values(SM) platform (www.mylifevalues.com). My Life Values is a Web-enabled work/life information desktop and ecommerce reward/discount site, targeted to insurance services customers, that provides users with proprietary search tools and resources that route them to exclusive, focused, best-in-class content.
Under the My Money section of the My Life Values platform, members will be able to quickly access the no-cost MortgageChoice Plan to purchase, sell, and finance homes through a "members only" group plan that offers a choice of providers, loan products, group discounted pricing, and turnkey convenience. Services are delivered to Plan members by prescreened Loan Agents in The Mortgage PPO(TM) and Realtors(R) in The Realty PPO(TM). Plan members may search the PPO network to choose their Loan Agents and Realtors much like they select doctors or dentists in a healthcare provider network. Network Loan Agents and Realtors have been credentialed, adhere to a strict code of conduct, deliver personalized service, and abide by a pre-negotiated discounted fee structure.
"We have been extremely impressed with the suite of work/life benefit products offered on the My Life Values platform and with how well it has been received in the insurance industry," said Marsha Tiller, founder and president of MBC. "Our strategic partnership with Work & Family Benefits and the bundling of The MortgageChoice Plan onto the My Life Values platform will offer MBC substantial distribution into this vertical market."
My Life Values is an innovative response to the insurance industry's demand for cost-effective work/life programs that facilitate high utilization and, as a result, deliver real value to customers. My Life Values provides members with proprietary information and resources in four categories that can be accessed with powerful, user-friendly search tools: My Family, My Time, My Health, and My Money. My Life Values members can access regulated local providers, including schools, child and elder care providers, adoption services, health and fitness clubs, veterinarians, physicians, travel and recreation services, as well as pertinent e-seminars and articles. My Life Values also offers members an extensive savings and rewards program.
MortgageChoice Plan benefits include credits of .15% of the loan amount at closing, 20% cash rebates of realty commissions for the purchase or sale of a home, a 30% average savings on settlement services, loan products from over 100 lenders, 1/4% rate discounts and 50% lender fee discounts on Preferred Lender products, a Member Help Center open seven days a week, and Consumer Protection with dispute resolution services.
The MortgageChoice Plan is offered through employer benefit packages as a voluntary group benefit that is not subject to ERISA regulations. MBC sponsors and administers the Plan at no cost to qualifying corporations or Plan participants. The Plan is marketed to Fortune 2000 corporations and association members exclusively through benefits brokers and benefit consulting firms.
"Our goal is to provide better decision support tools for employee benefits and empower our members to be informed decision makers," said William Mulcahy, president of Work & Family Benefits, Inc. "The addition of the MortgageChoice Plan to the My Life Values platform offers Work & Family Benefits and its members a powerful and complementary new benefit product."