Microsoft is fundamentally changing the mortgage process, which hasn't changed in about 50 years ÷ it's about damned time.

Microsoft is going to give the ability to take software, implement it and offer real-time risk-based approval of mortgages. That's not happening for most lenders today.

Early versions of the infrastructure is either in place or being put in place. It's not inconceivable that in three to five years we'll be able to assemble all our financial data on one site.

This is all about selling more Microsoft stuff. This is not about turning HomeAdvisor into the No. 1 lender or real estate site. It's about Microsoft trying to find another way to penetrate financial services, where it has struggled in the past.

I think HomeAdvisor itself wants to drive mortgage traffic. They're about collecting transaction fees, giving everything away on the front end and generating fees. So whatever they can do to drive traffic, that's what they can do to get into the transaction process.

These are still baby steps. Last year at this time if you asked me when are the full-service guys going to get online, I would have said '1998.' They're scared to death of what the Internet is going to do to full-service brokers.