Mortgage Grader: a new way to shop lenders

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

I have been spending time recently kicking the tires of a new Web site,, 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 operate transparently, while UMLs are online lenders who provide the information needed by borrowers to shop effectively. MG has much in common with both, but also differs from them in important ways...