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Old 03-11-2009, 09:13 AM
 
995 posts, read 3,681,925 times
Reputation: 360

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Quote:
Originally Posted by D.L. View Post
I used them last year [2008] They couldn't get my escrow setup properly[taxes and home insurance]. They also renig on a $500. Home Depot shopping credit I was suppose to get if I used them.Of course the greedy Realtor [World Realty MB S.C.] didn't help either.Lastly they sold my mortgage to Wells Fargo .This Company has to be comprised of the most ignorant people I have ever dealt with. I am currently shopping for a refinance rate to get away from Wells Fargo
Who are they? Lending Tree or mortgage company? Lending Tree is not a mortgage company. They don't set up your escrow account. Your mortgage company does.

It seems that you're criticizing your mortgage company not lending tree. In addition, selling mortgage to another bank happens to almost all loans. Nothing fishy about it.
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Old 03-12-2009, 12:03 PM
 
69,360 posts, read 58,135,553 times
Reputation: 9372
Quote:
Originally Posted by sbanawan View Post
You can get multiple inquiries about mortgages in a 30 day window and it only counts as "one" inquiry. It won't hurt your score any more than any other place.
While this is true, I still dont want 5 hits on my credit report. I tried going through lending tree once, I assumed they would pull my credit and send the information onto banks that I fit the criteria for. They dont, its just a data compiling website where they sell your contact onto multiple banks and you end up with multiple calls. I could call 4 banks down at random if thats what I want because thats essentially what they do.
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Old 03-12-2009, 12:16 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,628,164 times
Reputation: 1008
I worked at LendingTree and they have 2 divisions

1. They sell your information to 4 lenders

2. They fund the loans with their company also known as LendingTree loans or Home Loan Center
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Old 03-12-2009, 02:20 PM
 
69,360 posts, read 58,135,553 times
Reputation: 9372
Quote:
Originally Posted by renriq02 View Post
I worked at LendingTree and they have 2 divisions

1. They sell your information to 4 lenders

2. They fund the loans with their company also known as LendingTree loans or Home Loan Center
Then if you work at lending tree, take this suggestion to your superiors because I refuse to use lending tree due to this fact.

Lending tree should pull credit reports when someone applies and then send the information onto the banks, rather than each bank needing to pull a report. This way banks can prequalify you and provide an accurate quote to the website. I got tired of applications going no where when applying or banks calling me taking the application, pulling credit etc, its like starting all over.
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Old 03-12-2009, 02:33 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,628,164 times
Reputation: 1008
worked

Quote:
Originally Posted by pghquest View Post
Then if you work at lending tree, take this suggestion to your superiors because I refuse to use lending tree due to this fact.

Lending tree should pull credit reports when someone applies and then send the information onto the banks, rather than each bank needing to pull a report. This way banks can prequalify you and provide an accurate quote to the website. I got tired of applications going no where when applying or banks calling me taking the application, pulling credit etc, its like starting all over.
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Old 03-12-2009, 03:20 PM
 
Location: Sacramento
2,568 posts, read 6,200,373 times
Reputation: 1924
I recently(1 week ago) applied with Lending Tree. When you fill in the application online there is a place you can request to only be contacted by one person from Lending Tree instead of the individual lenders.
After I applied I looked at the offers shown and saw all of them included a discount point so I called them. The first thing she said is wait I have to pull your credit. It turns out that the so called offers are just advertisement because they are not based on credit score. She couldn't beat the rate that I got form ING so I got the spiel of be careful with those type of lenders. Once I told her we had already had a mortgage with them and they were great she didn't insist. No more calls since.
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Old 03-14-2009, 07:42 AM
 
Location: Baltimore
1,802 posts, read 7,600,242 times
Reputation: 1932
One positive thing about Lending Tree is that borrowers with less than stellar credit may be able to find a lender that they otherwise may not have known even existed. A number of years ago I had gotten myself into debt, and was starting to head toward real trouble. I even talked to one of those credit counseling services. I could have done a refinance but I did not want to do this because my mortgage rate was a good one for that time. I wanted a home equity loan, but my bank and my credit union could not help me. I found a lender through Lending Tree (the rate was pretty high), got the equity loan, paid off all of my creditors, and after a couple of years had brought my credit score back up to where I could then do the refinance and roll both mortgages into one, at a lower rate than my original 1st mortgage, and for a much lower term (15 years rather than 30 - at that time I still had 20 years left on the 1st mortgage). So it worked for me.

Last edited by janetvj; 03-14-2009 at 08:01 AM..
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Old 03-15-2009, 06:44 AM
 
718 posts, read 2,778,757 times
Reputation: 311
We used lending tree to find a broker. We found a great one and didn't have our credit pulled until after we picked which lender we would work with and then only when I saw the good faith estimate, I simply left off our Social Security info when we applied (you can do this you know). We close on Friday with a 4.625 rate.
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Old 03-16-2009, 06:12 AM
 
Location: MID ATLANTIC
8,170 posts, read 20,101,317 times
Reputation: 9411
I typically advise people to stay away from online companies...and seek local regional banks and/or lenders. They are priced competitively and you have more leverage if something goes wrong. Local management always pays closer attention to local calls........if you have a problem halfway across the country, oh well.
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