I have been spending time recently kicking the tires of a new Web site, MortgageGrader.com, which has excellent credentials. It has been developed by Jeff Lazerson, an experienced mortgage broker who didn't much like the way most brokers did business. Lazerson persuaded the Ford Foundation to back an approach designed to eliminate opportunistic pricing -- the widespread practice of basing the price on what brokers believe they can induce borrowers to pay. Mortgage Grader (MG) is an equal opportunity mortgage lender, developing prices mechanically by sifting through the offers of participating lenders to find the best deal. A good way to understand what makes MG tick is to compare it with Upfront Mortgage Brokers (UMBs) and Upfront Mortgage Lenders (UMLs). UMBs are brokers who o...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.