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Old 12-08-2007, 04:15 PM
 
1 posts, read 3,866 times
Reputation: 11
Default Lending Tree Alternative

I was reading a previous thread about Lending Tree closing and I couldn't agree more with TimTheGuy about Lending Tree, Lower My Bills or any of the other lead generators. It's no wonder they are going the way of the dinosaur. The user experience they created was so miserable, I don't think anyone, even if they did close there loan, would subject themselves to the blitzkreig of phone calls you get when you give out your number. In my quest for an alternative, I did stumble across a pretty neat site, Loan Insights . At first glance the forms appear similar to Lending Tree or another of the other lead gen sites, but the results are way different. They actually give you a list of wholesale lenders par rates that you alone qualify for. Wholesale lenders are the ones getting murdered as they were the ones selling to mortgage brokers, but a lot of them are surviving too, especially the bigger names. Anyway, you can compare multiple loan terms and it shows you who will have the lowest rate for your scenario, so when you do talk to a broker, you know exactly what he does, if not more!

I was wondering if anyone had heard of them or utilized the service...and if so, what was your overall impression and is there anything I shoud look out for? Thanks!

Last edited by TopsyTurvy; 12-08-2007 at 05:24 PM.. Reason: Had more questions...
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Old 12-08-2007, 07:46 PM
 
8 posts, read 13,919 times
Reputation: 11
TopsyTurvy, you have a nice post but it is mis-guided. LT LLC is not going the way of the dinosaur, they still have a great reputation as far as leads go. I have worked with LT leads for the past 4 years and rarely do I get a bad client. On the service side, if the customer has a bad experience with a LendingTree Lender, that's not their fault, that's the broker who bought the lead's fault.
"They actually give you a list of wholesale lenders par rates that you alone qualify for."
-- NO ONE qualifies for a rate via the internet and a form. You pre-qualfiy only, you never pre-approve. I've had crap come through that shouldn't have come through and they also received that match with rates blah blah blah. The only way you qualify and approve for a loan is to speak with a licensed mortgage loan officer/broker who reviews your tri-merge credit, income and asset documentation including supporting documentation that underwriting may require per your unique situation. Otherwise, you will assume, and you will leave yourself open to all manner of manipulation, presumed bad service all because you were not informed and had no clue how it really works. I hope this helps next time you need a loan, and then you can make sure the lender doesn't jerk you around.
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Old 12-08-2007, 09:08 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 11,511,993 times
Reputation: 972
Hey Topsy...

Do you own loaninsights?
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Old 12-09-2007, 06:56 PM
 
3,318 posts, read 7,233,212 times
Reputation: 1360
Quote:
Originally Posted by upallnite1977 View Post
TopsyTurvy, you have a nice post but it is mis-guided. LT LLC is not going the way of the dinosaur, they still have a great reputation as far as leads go. I have worked with LT leads for the past 4 years and rarely do I get a bad client. On the service side, if the customer has a bad experience with a LendingTree Lender, that's not their fault, that's the broker who bought the lead's fault.
"They actually give you a list of wholesale lenders par rates that you alone qualify for."
-- NO ONE qualifies for a rate via the internet and a form. You pre-qualfiy only, you never pre-approve. I've had crap come through that shouldn't have come through and they also received that match with rates blah blah blah. The only way you qualify and approve for a loan is to speak with a licensed mortgage loan officer/broker who reviews your tri-merge credit, income and asset documentation including supporting documentation that underwriting may require per your unique situation. Otherwise, you will assume, and you will leave yourself open to all manner of manipulation, presumed bad service all because you were not informed and had no clue how it really works. I hope this helps next time you need a loan, and then you can make sure the lender doesn't jerk you around.
Paying for leads MUST be reflected in what you charge borrowers. Correct?
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