The service is available at
and will be syndicated on other sites including bills.com,
credit.com, consumerunited.com, erate.com, mtgprofessor.com and
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
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
B-means FHA-eligible only
C+ indicates that customers may
find manually-underwritten loans which Mortgage Grade can help
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
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.