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LendingTree Says Google’s Getting Into Mortgage Quotes

Lawsuit points to September service launch

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The company that provides a mortgage product and pricing engine to LendingTree is ready to do the same thing for Google, according to a new lawsuit.  Indeed, LendingTree claims to have screenshots proving that Google is about to get into the mortgage quote business. 

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It’s important to note that LendingTree isn’t suing Google; Mortech, the software maker, is the target (for allegedly violating a contract).

Still, Google’s pretty much the central figure in this dispute.  As reported by Miguel Helft, LendingTree believes it’ll enter the loan aggregation business sometime in the next 20 or so days.  Helft wrote, "LendingTree has obtained screen shots of a trial version of Google’s service that further indicate that it plans to ‘provide customers with conditional loan offers in addition to lenders’ contact information.’"

Google also semi-confirmed the move by admitting, "[W]e are currently working on a small ad unit test that will run against a limited number of mortgage-related search queries in the U.S."

And if you remember that Google’s tried to supply real estate listings for some time now, the potential development starts to really make sense.

The one tricky thing: it’s hard to imagine how wildly popular Google might become if it starts helping people save tens of thousands of dollars.

LendingTree Says Google’s Getting Into Mortgage Quotes
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  • http://www.davehanas.com Dave Hanas

    I hope this really works for Google, and that down the road, they provide an API for web developers to tap into this. Could be interesting.

  • http://www.homesweetdollars.com Home Worker

    What’s going to be next?
    The possibilities are endless.

  • http://www.laokay.com Steve

    What is Google like the next Microsoft trying to take over the world via software?

  • http://www.bikeshopcastlehill.com.au Home Solar Power Systems

    As Google is the number one search engine, I must say the mortgage company are on the right track. I wish them all the success with Google. And Google will keep going as usual.

  • http://foundbydesign.com Ed Nailor

    As someone that spent 5 years in the mortgage industry, this is scary in my opinion. Sure, originating mortgage loans is all about the money for those doing it. But there is nothing as valuable in the process as the advise of a LOCAL mortgage professional.

    The big companies are not worried about what is best for the mortgagor (the one that takes out the mortgage.) Therefore one in the market for a mortgage should consider a local professional that will actually put a face to a file and try to help consider what is best for the client, not what is most profitable for the lender.

    I know mortgage brokers have been slapped around a bit over the past few years, but for the most part the majority of brokers are professionals looking to help. They have been a great scapegoat for the lending industry because they have not been very well organized or represented overall, making them an easy target with a weak voice.

    Personally, I have left the mortgage industry because of the direction the industry is beginning to take. With more and more of this becoming a faceless transaction, the only thing left is the money. Most consumers do not know how all the money works, they just know what they are told. (Don’t believe me? All the stories over the past few years of the melt-down are from those that signed fully disclosed paperwork, but yet blamed someone else for not telling them it was in the paperwork they signed!) This will just lead to more and more accusations of fraud and corruption as the personal element is removed and trust begins to fade.

    The idea that Google will now start handing out “quotes” for a mortgage to faceless individuals just scares me. Its one thing to try and match me up with websites I am looking for (successful 50% of the time.) But to match me with something as big as a mortgage loan? All I can say is Buyer Beware!

    • Guest

      Its one thing to try and match me up with websites I am looking for (successful 50% of the time.) But to match me with something as big as a mortgage loan? All I can say is Buyer Beware!
      I understand they’re picking a small number of banks to handle the load and then just get kick backs from those banks. So, i believe it will work for everyones benefit

  • Lender Man

    Google is doing is the same thing Lending Tree has done hence the reason Lending Tree is scared to death. They are a source of information aggregating offers from lenders to be supplied to potential borrowers. As far as “faceless” lenders, even local brokers rarely meet “face to face” anymore; it isn’t necessary. Whether you are a big bank or local broker chances are you have customers from the past 5 years that are upset with the product you provided. Mortgage programs became too aggressive and therefore, too risky. “Local” guys also provided those programs, the difference is they immediately brokered them to a wholesaler and had nothing to do with the ongoing mortgage.

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