| Mortgage Grader Launches Software Allowing
Consumers to Get the Upper Hand on Lenders and Brokers
Mortgage Grader launches a consumer driven real-time loan shopping
service, http://www.mortgagegrader.com, offering loan pricing
to every borrower's advantage. Knowledgeable as well as uninformed
borrowers will have the ability to equally leverage meaningful
lending information in a simple and transparent process to find
their lowest cost loan provider. Minority borrowers will not fall
victim to discrimination or redlining when shopping for a loan
through Mortgage Grader.
All personal and property information is encrypted; creating a
borrower profile that considers the math and only the math when
choosing the best loan in the Mortgage Grader fair lender network.
"When you buy milk at the store or fill-up your gas tank
the price is always predictable and the same for everyone. Yet,
a fragmented and complicated mortgage maze has given some lenders
and mortgage brokers the upper hand on borrowers, often resulting
in high cost of homeownership. Mortgage Grader will facilitate
a seismic shift in information from the leverage lenders and brokers
currently enjoy, to the consumers' benefit", said Mortgage
Grader President Jeff Lazerson. "Mortgage Grader will convert
the process from pricing through isolated and targeted borrower
loan contracts to a systematic, low cost, predictable and equally
priced platform for every similarly situated borrower", he
William C. Apgar, Senior Scholar, Joint Center For Housing Studies
at Harvard University states, "Mortgage Grader has the potential
to become known as the 'great minority equalizer'. Simple and
meaningful loan pricing transparency will place every borrower
on equal footing, putting an end to asymmetrical loan information.
This is a watershed moment for all borrowers, particularly low-to-moderate
income and minority borrowers".
"Lenders and brokers have no legal requirement to provide
borrowers with the best loan option. There is not even a loan
suitability regulation to make sure the loan being offered is
appropriate for the borrower. Many lenders and brokers overcharge
borrowers through a combination of high interest rates, direct
fees, and unnecessary loan features such as prepayment penalties
and negative amortization...always at the expense of the consumer".
Mortgage Grader is going to level this playing field, assisting
consumers in realizing and retaining their own American Dream
of Homeownership", Jeff Lazerson remarked.
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