LoanWeb Vs. LendingTree Vs. Lending Partners

applyfor-mortgagesonline · Joined: 17 Dec 2006 Posts: 16

Hi I was searching online for a few online mortgage lenders and found LoanWeb, LendingTree and Lending Partners. All seem to operate under a similar business model of finding 4 mortgage lenders for the clients.

Has anyone here with more experience dealing with these companies know which company is the best to deal with? The best for the client? Offers the best rates? Offers the best service?

Happy Holidays and a Happy New Year to everyone!

Mac · Joined: 04 Feb 2005 Posts: 276 Location: Knightdale, NC

There is no such thing as Quote: the best to deal with? The best for the client? Offers the best rates? Offers the best service? in this instance as long as we are considering the person borrowing money as the client.

You said Quote: All seem to operate under a similar business model of finding 4 mortgage lenders for the clients.

If all operate as internet lead sellers to brokers, (which is how it works) there is no "best to deal with". There is no "best for client". They don't "offer the best rates". There is no "best service".

Here is how the system works.

The "client" applies on-line for a mortgage at one of the company's in discussion website. This information is then sold to as many as 4 different brokers whose requirement parameters are met by the "client's" request.

The 4 different brokers now cut each other's and their own throat trying to outbid the "client" for the business.

The three companies you talk about are only lead generating under your decription so they are providing minimal service at best in regards to the "client". The brokers are doing the heavy lifting here.

I recently had a loan package sent out for the broker on one of these deals. The payment back to the lead provider was over $1100 USD alone.

When the client's lead is sold as many as 4 times and the lead provider gets a chunk of cash from the fees charged when the loan closes, who is the "winner" here? This means the lead provider can be paid FIVE times for your client's info!

They aren't serving anyone but themselves. Please don't kid yourself.

IFUNDEM · Joined: 03 Jan 2007 Posts: 13 Location: Sacramento, Ca

great explanation mac. Also these companies will continue to sell your borrowers info over the next year to broker shops nation wide. I deal with brokers that buy these leads on a day to day basis and many of the clients they are soliciting have been bothered by constant phone calls and harassment. Try to stay away from internet based loans!

tanoanian · Joined: 22 Aug 2006 Posts: 1

I’d stay away from lending tree. Read the Licenses & Disclosures at the bottom of the page and you’ll see lending tree can receive a fee of up to $1,300 because you filled out their form; that fee appears on your Good Faith Estimate and is money out of your pocket. Always read the Licenses & Disclosures before you do anything else. Some sites don’t have Licenses & Disclosures (like e-loan) because they’re broker banks and don’t have to play by the rules thanks to the banking lobby.

shawn_1314 · Joined: 18 Jan 2007 Posts: 15 Location: Any State

I am glad you asked that question, because when applying for any of those websites, it runs your information through their lead system and it get's disbursed to lenders or brokers who have paid for that lead. Now, you can skip all of that because you will get bothered by 10 or more companeis looking to get your information and run it 10 or more times, which may affect your scores. Not necessarily, but it could. I think you should skip any of those sites and go with someone like me, a broker. I can find any deal in any situation. I have gotten deals done that I didn't think could be done. I have references to prove it and can refinance or do a pruchase in any state. If you want to know what can be done for you, email me back here. We can see what your looking to do and I will work for you to give you the best options. Look forward to hearing from you...Take Care!!

chow's evil twin · Joined: 11 May 2006 Posts: 40 Location: The Brickyard

Sure, you can do anything.... :roll:

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Who let the dogs out?

:twisted:

mohcis · Joined: 21 Feb 2007 Posts: 2

Hello there. I hope by now you have found a lender.
Another website I came accross was mylenderscore.com. They actually provide information on lenders so that you dont get taken advantage off.
If you are still looking, check them out. You could get more reliable information as to their approval rate and the percentage of people they charge a higher interest rate.

Good luck.

rkumar · Joined: 22 Feb 2007 Posts: 10 Location: CA

I my openion lending tree is the best option. Rest this depends from loan to loan. And also who are the lenders which are willing to provide you the loan on the said sites.

The Expert · Joined: 17 Feb 2007 Posts: 14 Location: Independence, KY

MAC is very accurate in the description of these services but let me take it a little further.

Lending tree for sure does this and I'm sure the others do too. They sell your lead to 4 lenders at first. Then, especially for mid to low credit scores they re-release your information to there second level bid lead buyers after 3 days.

After that your information is recycled and released to the lowest bid lead buyers after another 3 days.

I've had several clients who have used lending tree and had there credit run more than 20 times and as many as 46 in ONE WEEK, coming to me for help and there really isn't much you can do besides wait.

On top of your credit being destroyed your phone is ringing off the hook and your email is blowing up.

SAY NO TO LENDING TREE....INSTEAD OF PREDATORY LENDING IT'S LIKE PREDATORY CREDIT AND PRIVACY DESTRUCTION.

DallasLoanGuy · Joined: 26 Sep 2006 Posts: 169 Location: Dallas, TX

shawn_1314 wrote: I think you should skip any of those sites and go with someone like me, a broker. Look forward to hearing from you...Take Care!!

a note to the original poster.....

i recommend that you NEVER use a lender who solicits you on a discussion board.