Non-Profit to Rate Lenders and Mortgage Products
The Washington, DC-based consumer protection non-profit Fair Mortgage Collaborative (FMC) and the Laguna Niguel, Calif.-based software developer Mortgage Grader (MG) announced a partnership to evaluate whether lenders’ mortgage products are “fair and safe.” The partnership with give use MG’s testing software to evaluate loan specifications and rate loans based on FMC standards. The non-profit FMC —which aims to provide consumer information and protection in the mortgage process — said the program will give consumers an independent source of rating information when evaluating lenders. “Mortgage shoppers will now have peace of mind knowing that their potential lender has received a well-earned badge of trustworthiness,” FMC executive director Howard Banker said. Write to Austin Kilgore.