The present invention provides a computerized (Internet, online) network for home mortgage borrowers to compete against each other and other mortgage companies (brokers) in an auction format for certain pools of funds. These funds are provided to the auction from the secondary mortgage market in pools on a daily (hourly) basis. The present invention provides qualified participants with a direct link to the secondary mortgage market, hence bypassing some middlemen (wholesalers and retailers) in the process. Participants go to a common Web site and complete a loan application. The participants then electronically submit the loan application to the common Web site. The loan application is then underwritten, and if approved, the participant is issued an approval code. With the approval code, the participant can then submit a bid at the auction. Subsequent to the approval of the bid, the borrower can close escrow at the interest rate and the bid price. The auction can change on a daily (hourly) basis, as pricing of the loan products is in real time figures.