Industry NewsMortgage

Widget for mortgage loan quotes debuts

Part 2: New Web tools let consumers play mortgage broker

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Editor's note: Part 2 of a three-part series on new online lending tools takes a look at RateWindow and Mortgage Marvel. Read Part 1, "Borrowers get a crack at lending black box," and Part 3, "Mortgage Grader wants to slash loan fees." The balance of power when shopping for a mortgage may be shifting to consumers as a new generation of Web-based mortgage shopping tools aims to give consumers more control. New sites enable consumers to query the databases of hundreds of lenders, and compare loan guidelines, rates and fees for specific transactions without giving up personal information. Part 1 of the series examined, which provides access to wholesale loan prices. This part will focus on RateWindow and Mortgage Marvel. If there's a common theme of these new tools, it's transparency and choice. Instead of delivering consumers to the doorsteps of a few lenders as leads, they give prospective borrowers many of the same capabilities a mortgage ...