The service is available at mortgagegrade.com and will be syndicated on other sites including bills.com, credit.com, consumerunited.com, erate.com, mtgprofessor.com and refinance.com.
Mortgage Grade utilizes existing information including the user's property address, mortgage amount, credit score (as provided by the user initially) to generate a letter grade corresponding to their desirability as a refinance applicant. Similarly, customers shopping for a new home can receive a grade indicating what general financing options are likely to be available, and then match them with lenders.
Mortgage Grade also matches customers with lenders who fit their "grade." Obtaining an initial score takes only a few seconds and requires only a few facts that most users would know readily. However, to get a more thorough grade along with lender contact information, the process takes a few minutes and requires a social security number for a soft credit pull.
Users completing the full process receive detailed information on their mortgage options including their home's value using the Automated Valuation Model from Lender Processing Services, estimated closing costs from Closing.com, economic data from Economy.com, and a free credit check from Experian.
At the end of the process, customers who choose to proceed with one of the quoted loans can lock-in a rate-guaranteed, approved loan within 48 hours by clicking "rate guaranteed."
The Mortgage Grade is clear and easy to understand. For existing mortgage customers the grades correspond to the following:
A means the customer already has the best mortgage available but they'll continue to search and update you if market conditions make a better option available.
B indicates there are several options and will offer educational information to help mortgage shoppers compare.
B-means FHA-eligible only
C+ indicates that customers may find manually-underwritten loans which Mortgage Grade can help arrange.
C-grade consumers are not eligible for a mortgage refinance, and are referred to loan modification, BBB-recommended credit counseling, debt reductions or credit workout organizations.
According to company press releases, Mortgage Grade pledges not to contact customers regarding a new mortgage unless they request contact, allowing for a more comfortable, lower-pressure shopping experience.