Industry NewsMortgage

Loan Estimate comparison tool helps buyers weigh options

Free online web tool allows mortgage applicants to compare loan quotes
  • ELend recently launched Rate My Rate, a free online tool that enables mortgage applicants to upload a Loan Estimate received from one mortgage lender and compare it to a loan that eLend may offer.

Some people consider the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule burdensome, and some people even jokingly refer to the acronym as “The Reason I Drink.” But for others like eLend -- a company that uses technology to simplify the mortgage process -- TRID is an opportunity. The two-year-old division of Parsippany, N.J.-based mortgage lender American Financial Resources recently launched Rate My Rate, a free online tool that enables mortgage applicants to upload a Loan Estimate received from one mortgage lender and compare it to a loan that eLend may offer. The point of Rate My Rate “What we wanted to do was create what the CFPB wants in creating its customer-facing initiatives,” said Robert Pieklo, chief strategy officer and executive vice president of eLEND. “The CFPB wants consumers to compare Loan Estimates, not just go with the favored referral source of a real estate agent that has a marketing service agreeme...