E*Trade Financial Corp., Menlo Park, Calif., has launched Fair Compare, a Web-based mortgage shopping tool that it says allows consumers to objectively and anonymously compare the total package price of any lender's mortgage offer with a similar loan product offered by E*Trade Mortgage.E*Trade said the product was developed in response to anticipated changes in the mortgage interest rate environment, primarily to address two frustrations many consumers encounter when shopping for a mortgage: inability to compare pricing on an "apples-to-apples" basis and difficulty in obtaining a firm, all-inclusive quote that will not change before closing. According to Robert Bernabe, head of E*Trade Financial's retail mortgage lending operation, the tool will help consumers better understand the lending process. "This consultative approach is something that has been missing in the industry for some time," he said. "The consumer should have an offer upfront that is firm and that allows them to know what they are getting into. This helps them go into that with their eyes wide open." E*Trade can be found on the Internet at http://www.etrade.com.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry