{"id":2150,"date":"2007-11-01T20:23:46","date_gmt":"2007-11-02T03:23:46","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2150"},"modified":"2009-03-08T11:31:07","modified_gmt":"2009-03-08T18:31:07","slug":"mortgage-grader-revolutionary-or-just-one-more-marketing-widget","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2150\/mortgage-grader-revolutionary-or-just-one-more-marketing-widget\/","title":{"rendered":"Mortgage Grader: Revolutionary or Just One More Marketing Widget?"},"content":{"rendered":"

Mortgage Grader<\/a> is a consumer-operated, automated underwriting system. Jeff Lazerson, its founder, has been working on this idea for 3-4 years. It was released this summer.<\/p>\n

Consumers enter information and are issued an approval. The mortgage grading engine mashes up various automated underwriting systems (FNMA Desktop Originator, proprietary sub-prime engines, etc.), searches out the best terms, and delivers the equivalent of a wholesale lending approval, with wholesale rates, to the consumer. The consumer then hires an approved mortgage broker to package the loan for a flat fee.<\/p>\n

Have we heard this idea before?<\/a> Jeff Corbett has been talking about a transparent underwriting and rate search engine for some time, now.<\/p>\n

I know both Jeffs. I met Jeff Corbett last year and have known Jeff Lazerson, since 1997, when he was selling his book, “How to Make A Fortune In Loans Without Leaving Your Desk<\/a>“. Both are veterans of the industry who have seen mortgage consumers get raked over the coals by originators.<\/p>\n

Transparency is nothing new to the mortgage industry<\/strong>. Mortgage brokers have practiced transparency, by law, for years. Mortgage originators often teach customers how to lower their fees by accepting a higher interest rate in exchange for lender-paid yield spread premium<\/a>– I’ve done that since the mid 90’s.<\/p>\n

Transparency is the law for mortgage brokers. Flat fee loan originations are nothing new. Innovation Mortgage<\/a> has been offering a flat fee model for 6 years now.<\/p>\n

Is this the end of the full-service mortgage originator?<\/strong> Absolutely not. Technology, while useful, is the consumer’s worst enemy. Ten years ago, mortgage originators feared that Desktop Originator would eliminate their utility. It was the advancement of technology, however, that allowed for more innovative loan programs. The only way for these technology engines to work is if we revert back to the “good ol’ days” of two loan programs: 30 year fixed and 15 year fixed. Nobody really wants less choices.<\/p>\n

Nothing beats the advice of a mortgage professional.<\/strong> We are the first experience many consumers have with financial planning. Two hours with one of us will help a consumer to better understand Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage Grader is a consumer-operated, automated underwriting system. Jeff Lazerson, its founder, has been working on this idea for 3-4 years. It was released this summer. Consumers enter information and are issued an approval. The mortgage grading engine mashes up various automated underwriting systems (FNMA Desktop Originator, proprietary sub-prime engines, etc.), searches out the best […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,26,19],"tags":[],"class_list":{"0":"post-2150","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-disintermediation","7":"category-lending","8":"category-technology","10":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3251,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3251\/redefining-mortgage-disclosure\/","url_meta":{"origin":2150,"position":0},"title":"Redefining Mortgage Disclosure","author":"Brian Brady","date":"June 21, 2008","format":false,"excerpt":"Jeff Corbett announced that he launched Ratespeed this week: What is it? An anonymous, automated, transparent, mortgage program and interest rate pricing pre-qualification Search Engine widget, thingy. Why is this important? For the first time anyone can transparently access wholesale direct mortgage interest rates and program quotes without having to\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11580,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/11580\/will-pre-approval-letters-be-banished\/","url_meta":{"origin":2150,"position":1},"title":"Will Pre-Approval Letters Be Banished?","author":"Brian Brady","date":"March 17, 2010","format":false,"excerpt":"Score one more screw up for the Government-Banking Complex...and watch mortgage brokers thrive because of it. Andrew Duncan of Keller Williams in Tampa, FL reprinted a Mortgage News Daily story: As part of the changes to the Real Estate Settlement Procedures Act, borrowers can no longer shop for a home\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17922,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/17922\/mat-ishbia-draws-a-line-in-the-sand-do-business-with-rocket-mortgage-and-you-wont-do-business-with-uwm\/","url_meta":{"origin":2150,"position":2},"title":"Mat Ishbia draws a line in the sand; do business with Rocket Mortgage and you won’t do business with UWM","author":"Brian Brady","date":"March 4, 2021","format":false,"excerpt":"The dynamic CEO of United Wholesale Mortgage, Mat Ishbia laid down an ultimatum to the mortgage broker channel today.\u00a0 Ishbia said, in a conference call with members of the Association of Independent Mortgage Experts (AIME), that mortgage brokerages who choose to fund loans through Quicken's Rocket Mortgage will no longer\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8458,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8458\/the-139250-appraisal-fee-or-how-the-home-valuation-code-of-conduct-rewards-inefficiency-at-the-expense-of-the-consumer\/","url_meta":{"origin":2150,"position":3},"title":"The $1392.50 Appraisal Fee or How the Home Valuation Code of Conduct Rewards Inefficiency At the Expense of the Consumer","author":"Brian Brady","date":"May 15, 2009","format":false,"excerpt":"Have you heard of the Home Valuation Code of Conduct?\u00a0 New York Attorney General Cuomo forced Fannie Mae and Freddie Mac to adopt the measure, in what can only be described as a Machiavellian scheme.\u00a0 Essentially, mortgage brokers are forbidden from direct contact with residential appraisers; all appraisals for agency\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1126,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1126\/mortgage-brokers-and-used-car-salesmen\/","url_meta":{"origin":2150,"position":4},"title":"Mortgage Brokers and Used-Car Salesmen","author":"Brian Brady","date":"March 8, 2007","format":false,"excerpt":"Q: What do mortgage originators and used-car salesmen have in common? A: Their customers like to negotiate. Wanna hear about how I screwed up this week? I read Jeff Corbett and think highly about what he preaches; mortgage transparency. I read Pat Kitano and think he is on the right\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":930,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/930\/interview-the-x-broker-jeff-corbett\/","url_meta":{"origin":2150,"position":5},"title":"INTERVIEW: The X Broker, Jeff Corbett","author":"Brian Brady","date":"January 22, 2007","format":false,"excerpt":"Jeff Corbett is one of the rising stars in Real Estate 2.0 . I interviewed Jeff last month in Laguna Beach, CA. Jeff is a remarkably shy person who bears little resemblance to the hard-hitting, on-line, pit bull who advocates transparency in mortgage brokerage and banking. He is unfailingly polite\u2026","rel":"","context":"In "Interview"","block_context":{"text":"Interview","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/interview\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2150"}],"version-history":[{"count":1,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2150\/revisions"}],"predecessor-version":[{"id":7389,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2150\/revisions\/7389"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}