The locally based company plans to start a daily cable TV show Feb. 4 on TWC Channel 98.
On the Internet mortgage marketplace venture, Gerrity tells shareholders in a prepared statement Mortgage Center allows consumers to get free quotes by sifting real mortgage offers made by participating brokers and lenders on REC's own network.
"When banks bid" for a consumer's business, "you save," Gerrity says. Smaller lenders will be able to compete with major banks, he says.
"Think of this as our Lending Tree model on our own cable TV and Web network." He calls the concept "a reverse auction model for the mortgage marketplace," such as a Priceline.com version for loans.
"We will be touting to consumers that this is the best place to go on the Web for competitive mortgage rates in our daily cable TV show," Gerrity says. "This new online Mortgage Center is a strategic piece of the Real Estate Channel's core strategy of cross platform selling, promoting and e-commerce by marrying TV and the Web user experiences together."
Besides being chairman/CEO of Real Estate Channel Networks, Gerrity is founder/chairman of Gerrity Advisors Inc., a full-service commercial real estate firm.
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