Fair Mortgage Collaborative (FMC), a nonprofit coalition of loan brokers, lenders, counseling agenices, loan aggregation organizations and fair lending advocacy groups, has launched a new tool providing home buyers access to localized information about average mortgage loan prices, including interest rates and closing costs.
The tool, available online at www.fairloancertification.com, empowers borrowers to spot and avoid predatory mortgages with abusive pricing, FMC says. Titled ‘Fair Mortgage Cost Check,’ the resource helps consumers compare the mortgage they are being offered with average local rates and quotes.
‘We hope that consumers will use this highly localized information for home mortgage decision making in the same way that they use GPS or MapQuest to plan a trip," explains Howard Banker, executive director of FMC. "Responsible lenders will have nothing to fear from empowering consumers with more, and better, information."
The new tool maintains real-time loan pricing with all standard risk-based (agency and government) pricing down to the ZIP code level.
SOURCE: Fair Mortgage Collaborative