SOURCE: Mortgage Grader, Inc.

Mortgage Grader, Inc.

Mortgage Grader, Inc.

September 10, 2009 05:00 ET

Mortgage Grader to Manage the Fair Mortgage Collaborative Automated Certification Process

New Lender Testing for Consumer Protection

LAGUNA NIGUEL, CA and WASHINGTON, DC--(Marketwire - September 10, 2009) - Today, the Fair Mortgage Collaborative (FMC) named Mortgage Grader (MG) to support the development of and manage the "fair and safe" testing platform that loan originator organizations will use to apply for and maintain FMC certification. The platform officially named Automated Transaction Review System (ATRS) will evaluate lenders based upon rigorous FMC product and process standards. Consumers will for the first time ever, have an independent information resource to consider lenders that have passed a very tough consumer protection audit.

Howard Banker, Executive Director of the FMC, said, "Mortgage shoppers will now have peace of mind knowing that their potential lender has received a well-earned badge of trustworthiness." Mr. Banker added, "If consumers are looking to locate a 'fair and safe' certified originator, they can just go to the FMC website under certified lending organizations."

Jeff Lazerson, President of technology provider Mortgage Grader, observed, "Actions speak louder than words. Lenders will demonstrate to America's mortgage shoppers what they are all about if they pass our objective and credible third party review process."

About Fair Mortgage Collaborative and Mortgage Grader

FMC is a non-profit organization with primary funding from the Ford Foundation. The FMC is focused on educating consumers about predatory lending, establishing and maintaining tough lending standards that focus on consumer benefit, and the fair, efficient and ethical loan brokering and lending by the lenders that it certifies as fair and safe. FMC also certifies loan counseling programs that deliver high quality loans to their newly eligible clients. FMC strives to educate and support the needs of all mortgage shoppers, particularly low-to-moderate income borrowers.

MG is a technology and management company. The MG mission is to revolutionize and set a new industry standard for fair and equal home financing and significantly enhance the financial well-being of millions of consumers. MG has a patented loan pricing and loan approval technology that supports consumers in the mortgage process. MG also has several patents-pending related to loan pricing and loan auditing.

Contact Information

  • For additional information please contact:
    Howard Banker
    FMC Executive Director
    Phone (202) 625-0302
    Email Email Contact

    Jeff Lazerson
    Phone (949)389-9333
    Email Email Contact