Anyone else using them for leads? Experience? Good/Bad.

I heard costs are too high and quality is not there. At least that is what clients tell me. I have never nor will ever by from them or Lendingtree.

LendingTree leads were great, we had a close ratio around 38%, which is phenomenal however the fees they charge are outrageous. Lendingtree just got sued for 5.8mm. http://www.bizjournals.com/charlotte/stories/2006/01/23/daily23.html Little does the consumer know, they would be much better off going through a broker not having to provide "kickbacks" as I call them, to Lendingtree.

I still don't understand how they get around Sect. 8 (RESPA). They are also a lender. They charge $XX.00 per lead then when the loan closes they charge anywhere from $250 to $1,100 depending on loan type & loan amount.

I don't believe them to be an honest or ethincal company. Before I entered the industry I got a loan through them and was surprised at the unnesesary fees. I was never disclosed this and was faced with the choice of either taking the loan or not. I tell everyone I know of their dirty little secret.

Lending Tree = Bad Business

At least in my experiences and those of all I talk to.

Maybe no complaints have been filed? Maybe they need to be?

I told Yoda about your post, he was tickled.
Yodas Post

I'm sure RESPA is very aware. I think it might boil down to split entities and loop holes. In my opinion it's a conflict of interest and should be pursued accordingly.

I am a Lending Tree lender and I would not trade my lead source for anything else out there. We have had Lending Tree for one year and I have closed over 100 loans with them and another 25 or so referrals that came from doing people right on Lending Tree. I always see people knocking them but at the end of the day noone else has a better lead source. My guess on why so many brokers dont like them is that it is very tough as a mortgage broker to get approved to be on their network. My understandig is that they only approve banks and correspondent lenders. I am not sure about the RESPA violations but my guess is that they are a multi million dollar company and I am sure they have done their homework. Goodluck.

I agree they are a good lead source, however the fees they charge are rediculous. As mentioned above, little does the consumer know they are, in essence, getting ripped off. When I was set up with them, we charged all their fees off to the borrower. This was fully disclosed, however I didn't feel comfortable with it at all. It reached over my ethical boundary.

We eat that cost versus giving it to the borrower. We have found that we can price loans out fairly and still make money even after paying Lending Tree.

Thats a lot to eat, depending on the LTV, loan amount and loan type.

We are in a percentage business. They charge more for higher loan amounts but we make more on those anyways. 9 times out of 10 the borrower still gets a better deal than going to a broker so i do not see the harm in this site for someone looking for a good deal.

If you get out of the office and meet people, you wont have to spend money on leads.

"If you get out of the office and meet people, you wont have to spend money on leads." by Aaron


LOL! Smart A**!

Exactly!

1. LendingTree Sucks!
2. Consumers are catching on to them.
3. Lendingtree has a bad rap --> http://ripoffreport.com/results.asp?q1=A...e&Search=Search

Although businesses discredit the Rip Off Report (for obvious reasons) consumers still read it and gain a mindset.

The truth is the Rip off report is more reliable then the BBB. According to the BBB Walamrt is an AA store. I have never been to a Walmart with a deserving rank of AA. But they pay the BBB dues so....

Anyway, with all the lawsuits and claims against Lendingtree it wont belong before the public is well aware of their dealings. And it is most unfortunate for the Lenders who are associated with them, who will also be tarnished.

Did I mention this --> http://www.bizjournals.com/charlotte/stories/2006/01/23/daily23.html

More Lendingtree Drama

Worse than a Soap Opera

I am sorry but it is hard to take you serious leadrescue.com. You remind me of that movie Clerks where the gum salesman sits by the register and tells people how harmful smoking is. Maybe if you didnt have something to gain by Lending Tree failing we could take you a little bit more serious. RipoffReport.com is a good reference point but it is one sided. Have you taken the time to go thru the complaints on that site about Lending Tree? They hardly seem to be legit. The truth of the matter is that Lending Tree is the lead source of the future. I average at least 10 loans a month off of them plus another 5 or so from realtors and referrals. I have met more realtors off of Lending Tree than I ever could have knocking on doors. Plus instead of promising them what I can do, I get to show them the good work I do. Nothing will bring you more referrals from a real estate agent than a smooth quick loan process with happy borrowers at the closing table. It beats buying a realtor a donut or a bagel any day of the week.

Prior to the industry and LeadRescue, I too was victimized by Lendingtree. It was that, and the lack of geniune lead providers that led me to the LeadRescue business. I got tired of being screwd by bogus lead companies, so I generate my own leads. Hows that for initiative? No sitting on my duff waiting for someone else to co-screw consumers. But to each his own.

i went thru all your links. Lendingtreez.com looks like it was made by one person and it looks like it only has one contributer. Leadrescue.com looks like a scam. Superhomeloans.net looks like a Lending Tree ripoff. I do not see where you are going with this but I sure would love to see you explain why your lead sources are any better than Lending Tree. As far as "Screwing Customers", I have a 5 star rating on Lending Tree. Why in the world would borrowers rate me and my company that high if we were screwing them? to each his own but to discredit a legitimate lead source only to then throw up a link to a site that does exactly what Lending Tree does (and by the looks of that website, probably not as good) is not very ethical.

Looks Like I struck a chord with you. What would you be without LendingTree? Perhaps that is the real issue, and why you are defensive and feel like you have been personally attacked.

I think anyone who uses LendingTree has no credibility in the ethics department. You remind me of Enron, they use to send Ethics Newsletters professing how ethical they were.

LOL

Sincerly,

Disatisfied LendingTree Customer

PS Even I gave the Lender a good rating (who did not have Lendingtree fees on GFE). So I have little faith in LT Ratings.

You can spin it anyway you want but Lending Tree is here to stay and thousands of borrowers close with them each month satisfied. I think anyone who takes a look at your links and reads your posts will see you have other motives at play here. No hard feelings though, im too busy for all that.

Actually we are in the process of changing our business model. We will be closing our doors to the public. We will soon Originate Loans from the leads we generate. So with that in mind, my opinion of LT is just that.

Could you succeed without LT? YOu talking as if it were an impossible notion. Any how good luk to you.

Another Dissatified LendingTree Customer

I never said it was impossible to close loans without Lending Tree. Of course I could survive without Lending Tree. I have built enough relationships over the years where I could make a decent living without it but it sure is a great lead source and I would never would want to lose it. It helps me give everyone a great deal as I dont have to make as much on each deal because i get the quantity. I would rather do a deal and only make 400 to 500 bucks on it and earn a new realtor friend, a borrower for life, and a referral or two in the process. Anyways this is like talking to a brick wall. Enjoy your night.

I moderate 3 loan officer boards and 1 is a mortgage lead provider guide.

One thing I have learned is lead providers, in general, have an even more tarnished reputation than bad mortgage brokers.

With that in mind I ask leadrescue to prove the following quote with a HUD or written agreement proving you did business with Lending Tree to prove honesty and integrity:

We all should know by now that when a company grows and accumulates assets attorney's flounder to file class action lawsuits.

Also, there are 2 types of people in Greg's imaginary world...

1) I want to learn everything I can and read and understand everything I can. I am open-minded and consider each side.

2) I did not do the above nor do I care about it and I was charged this so I am upset because my bank told me it was too much. I ignored the terms and conditions and just filled in the blanks to apply.

Now who is the one who screams and complains that they were ripped off?

Lending Tree is a good company. They have "supervised" their lenders who buy leads unlike most other lead companies. They also allow the customer to give feedback about the lender.

I have not had 1 single lead provider who sold a lead call the customer back and ask how the lender did... They just care about the money and wanting more of it.

I am not saying the fees are fair. You can call 4 lenders yourself directly. You never know when you get a BS'r or liar. Lending Tree tries to help combat that possibility.

I do not like them overall for a customer though. The fee is money you could save if you just ask a close relative or friend for their mortgage person(s). Compare 3 or 4 of them. Lending Tree sells leads to finance companies. Finance Companies are high interest. The though of someone being sold a loan from them that has a 700 score is awful. They are very aggressive at selling because they are micromanaged and told what to do. Very Very aggressive sales environment at a finance company.

I think anyone who uses LendingTree has no credibility in the ethics department. You remind me of Enron, they use to send Ethics Newsletters professing how ethical they were.

I was a believer until I read this comment. Then I thought you might be a #2.

This brush you are using does not even have any bristles.

How can you paint every Lending Tree lead buyer like that and even "think" that you may be correct?

This is not a personal attack. This is open debate about some statements you have made. I want the best for everyone here.

Greg,

Solid comments. I agree, if you have someone you know in the mortgage field and you can trust them, they will probably give you the best deal out there. But for the majority of people out there they dont have someone like that to go to. A site like Lending Tree is ideal for them. As far as a high rate finance company duping a 700 fico borrower, i do not know if that will be possible. Lending Tree pairs you up with 5 lenders based off the credit score they pull. If they pull a higher credit score, you end up getting filtered to companies that have requested higher credit scores. Even if you did end up having one of the companies being a finance company with high rates, the other 4 lenders will smoke them out of the water protecting the borrower. the margins are slim and the work is tough but there is alot of money to be made on LT. Thanks for your comments Greg.

Perhaps I was alittle too undescriptive in this statment. What I mean is I feel it is unethical for brokers who utilize the Lendingtree network, to not disclose upfront the additional fees that they will incure by utilizing this service.

None of the brokers disclosed this to me in the GFE. Which I feel is truly unethical. Lendingtree should require brokers to give consumers a disclosure that states by using their service that you must pay an additional fee.

But this won't happen. If brokers were do disclose this, clients would run the otherway. This is deception, and at its worst. It wasn't until doc signing did I learn about these fees. Now I am not saying LT should not be paid for their service, but I am saying that I want to choose if the service fee is worth the service.

I challenge any broker who uses LT to disclose upfront, "By using lendingtree we will charge you an additional percentage we would not otherwise charge". If you do not, I feel this is unethical. Even if you go the scapegoat route and say that you just reduce your fees to compensate for LT fees. It is just plain dishonest (my opinion). These dishonest acts (no matter how good the intention) are why legislators are coming down so hard on the industry. Because of this gross misrepresentation by brokers regarding fees. I would not be surprised if law makers set a cap on commisions.

But that is simply my humble opinion. But, I nor anyone I know would happily skip into a loan knowing I would have to pay an additional fee simply for applying online.

LeadRescue,

This fee is eaten by the lender. If you got taken by a lender who charged you for this please understand that is not how the majority of lenders on the network are like. My company used to be completely wholesale and our fees are nothing like the brokers fees we used to write loans for. I am not professing to be super loan officer or anything of the like, but you paint a picture of Lending Tree as some gathering place for shady brokers and that is not the case. Look at the Lending Tree Scorecard page. (you can google for it and it will take you right to it) All these ratings are given by borrowers. They rate us after the loan closes. You will see that the majority of companies on Lending Tree have 4 or 5 stars. I only see a few 3 and a half star lenders on the network. I can see why you would want to knock Lending Tree since they are your competition but please be fair about it.

Thanks,

I would not call taking points on the back eating it. One lender may simply charge a fee as "origination" or points while also taking point(s) on the back. But everybodies definition is different. Perhaps it is eating it because some lenders charge way to much. But none the less my positions stands.

As a consumer of course, this is simply my humble opinion.

Ok I fully understand your position now.

When you filled out the online app did you read the terms and conditions?

I think they must do this now. Take a look at this. Did you get any electronic disclosures? Loan Guy do you customers ever say anything about these disclosures?

Consent for Electronic Disclosures



CONSENT FOR ELECTRONIC DISCLOSURES UNDER THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT



Please read this information carefully and print a copy and/or retain this information electronically for future reference.
Introduction. You are submitting a request for a loan pre-qualification or a real estate referral form (hereinafter, a "Request") through LendingTree, LLC (formerly known as LendingTree, Inc.). For purposes of this consent, "LendingTree" means LendingTree, LLC. LendingTree can only give you the benefits of our service by conducting its business through the Internet. In order to do this, we need you to consent to our giving you certain disclosures electronically. This document informs you of your rights when receiving legally required disclosures, notices and information ("Disclosures") from LendingTree and the banks, lenders or loan brokers, (we refer to all of these as "Lenders") or real estate professionals to whom your Request is submitted. By completing and submitting a Request through LendingTree, you acknowledge receipt of this document and consent to the electronic delivery of such Disclosures.

Electronic Communications. Any Disclosures related to your Request will be provided to you electronically through LendingTree.com. However, if you wish to obtain a paper copy of any of the Disclosures, you may write to LendingTree, LLC, Disclosure Request, PMB 008, 15105 - D. John J. Delaney Drive, Charlotte, NC 28277 with the details of your request. Paper copies will be provided to you at no charge.

Consenting to Do Business Electronically. Before you decide to do business electronically with LendingTree, you should consider whether you have the required hardware and software capabilities described below.

Scope of Consent. Your consent to receive Disclosures and to do business electronically, and our agreement to do so, only applies to this Request. You will receive Disclosures from LendingTree, and you may also receive Disclosures and other communications from our participating Lenders or real estate professionals. After your Request is transmitted to one or more of our participating Lenders or real estate professionals, and after you decide to continue to pursue your Request, then you and the Lender or real estate professional should discuss how subsequent Disclosures will be delivered.

Hardware and Software Requirements. To access and retain the Disclosures electronically, you will need to use the following computer software and hardware: Internet Explorer 4.0 or above, Netscape Navigator 4.0 or above or equivalent software; and hardware capable of running this software.

Withdrawing Consent. Because LendingTree will provide the Disclosures to you instantaneously, you will not be able to withdraw your consent to do business electronically with LendingTree. However, you may withdraw your consent to do business electronically with our participating Lenders or real estate professionals at no cost to you. You may do so by contacting the Lender or real estate professional at the mailing address, e-mail address or telephone number they provide with their offer. If you decide to withdraw your consent, the legal validity and enforceability of prior electronic Disclosures will not be affected.

Changes to Your Contact Information. You should keep us informed of any change in your electronic or mailing address. You may contact LendingTree Customer Care by telephone at 704-944-2110 regarding any such changes.

YOUR ABILITY TO ACCESS DISCLOSURES. BY COMPLETING AND SUBMITTING YOUR REQUEST, YOU ACKNOWLEDGE THAT YOU CAN ACCESS THE ELECTRONIC DISCLOSURES IN THE DESIGNATED FORMATS DESCRIBED ABOVE.

CONSENT. BY COMPLETING AND SUBMITTING YOUR REQUEST, YOU CONSENT TO HAVING ALL DISCLOSURES PROVIDED OR MADE AVAILABLE TO YOU IN ELECTRONIC FORM AND TO DOING BUSINESS WITH LENDINGTREE ELECTRONICALLY.

Download this document in Adobe Acrobat (PDF) format.

PLEASE PRINT AND RETAIN A COPY OF THIS AGREEMENT FOR YOUR RECORDS.






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This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.

I never recieved disclosures electronically. They were all via usps mail. One set from the broker and the other set from the lender.

What a shame. That part is wrong big time. Electronic disclosure stinks too. Items like this should be made mandatory for some sort of certified mail requiring a signature at the least. That way it can be confirmed because so many email domains block attachments.

It is legal documentation. Does the court email you when you are sued lol.

AGREED!
Thanks for bringing some "reason".

What are you so worked up over? I do not see this as an issue. So what if Lending Tree sends them electronic disclosures. I have never once heard someone complain about this. I email all my disclosures to borrowers if at all possible. It makes for a quick loan process shaving probably 4 to 5 days from the process. Why is that bad?