Industry NewsMortgage

Mortgage Grader wants to slash loan fees

Part 3: New Web tools let consumers play mortgage broker

Editor's note: Part 3 of a three-part series on new online mortgage tools looks at Mortgage Grader. Read Part 1, "Borrowers get a crack at lending black box," and Part 2, "Widget for mortgage loan quotes debuts." A new generation of Web-based mortgage shopping tools aims to put consumers in the driver's seat by letting them query the databases of hundreds of lenders, comparing loan guidelines, rates and fees for a specific transaction without giving up their personal information. Parts 1 and 2 of the series examined, a pricing tool; RateWindow, a search widget; and Mortgage Marvel, a loan search tool. Mortgage Grader If other mortgage search tools claim to help borrowers negotiate the best rates and fees, Laguna Niguel, Calif.-based Mortgage Grader is looking to eliminate origination fees altogether by automating the loan approval process -- bypassing loan officers all together. Mortgage Grader also has a new division, Fair Closing Costs,...