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They are a lead generation company, so mortgage companies pay to receive your information. Some of those mortgage companies are also lead generation companies, which will sell your information to several more lenders, which one can be a lead generation company, so your information is perpetually sold over and over again. Not all people who apply on LendingTree.com end up that way, but there are more than there should be.
The second part is they have their own mortgage company. Now personally I think this is a conflict of interest, because the whole concept behind LendingTree is that "when banks compete, you win" so you think that your information would be sold to the 4 lenders with the lowest rates for your situation - but not that's not the case. It's sold to whoever is up next in the queue, so they could be 4 lenders with higher rates, 1 lender with lower rates and 3 with high rates, etc. It's a roll of the dice every time you apply. It may not even be sold to anyone, and LendingTree may just decide to retain your information themselves and hand it over to their mortgage division, called HomeLoanCenter, and HomeLoanCenter convinces the borrower that they have sought out the best 4 lenders, when really they are all HomeLoanCenter options. How do I know this? Because many of my friends worked for HomeLoanCenter for a few years.
My advice is this: if you don't know exactly where your information is being sent to, then don't submit your information on the internet.
Welcome. Sure, it's relatively confidential there, you can only get bugged through Zillow. Some of the quotes I see on there are extremely low though, so always be aware of a too good to be true offer.
I am working with my current servicer, Wells Fargo, for a refinance. I would like to shop around. Should I worry about my credit being pulled again by another mortgage company? Would that reduce my credit score?
Have a conventional loan - Not VA/FHA.
In my opinion - that is the way to go, working directly with your lender. Here's why - on the closing costs are less because you are staying with same Lender. Going to another Lender - they will require a title search, new title insurance, legal fees.
Last edited by Modification Specialist; 03-15-2011 at 12:17 PM..
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