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Group,
I'm sure this has been discussed before, but I don't recall any specifics.
Would appreciate knowing your experiences with Lending Tree lead generation.
Ed Hain
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When Lending Tree bought Service Magic the trashed the product. Last year when they were Service Magic I spent about $6000 and got a return of over 80K. Those days are long gone.
Lanny Adleman
mailto:Lanny@EdgeRE.com |
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Ok - I've been 'sucked' into a number of different lead programs - none of them worked. I just joined Lending Tree/Realestate.com last month. I thought I got a great deal - better than house.com - at $199/mo for 10 leads you get to select the leads and their filter system seemed more advanced than any others. I received some leads that were 'bogus' and they replaced them right away. Out of the 10, I am working with 2 - not bad.
Today, they just emailed the members that their rates are going up July 15th to 249/mo better leads, blablabla... I read my 'contract' and lo and behold - if the rates go up, you can cancel without paying early termination fees - I AM OUT!!! And I promise, that was the last ever!
NoreenParrell
NorWay@NoreenAndWayne.com
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I have seen several references to Lending Tree here and it seems that many people have a false impression about Lending Tree. There marketing theme is "When lenders compete.." And it is clear from the comments here that many people THINK that Lending Tree submits the loan requests they receive to hundreds of lenders and the borrower benefits from all these lenders competing for their loan. THIS COULD NOT BE FURTHER FROM THE TRUTH.
Lending Tree SELLS that information to up to 4 lenders/brokers. They make reference to this indirectly in their advertising..."within hours you will get offers from up to 4 lenders." Wonder why they say up to 4 lenders? Why not 5 or 10 to 20? The answer is that only up to 4 lenders/brokers will EVER see the loan request.
Lending Tree is a LEAD generating service. They sell the information they gather to lenders and brokers. If the first company they sell this information wants to pay premium they will be the only lender who receives the lead. Otherwise Lending Tree will sell the lead to up to 3 more lenders/brokers. Borrowers using Lending Tree get the luck of the draw regarding how good (or >bad) the offers are that they receive.
The mortgage company that I am part of has had discussions with Lending Tree about becoming an affiliate. If we do become an affiliate at least some times lenders will get a chance to compete for a borrowers business--we have 300+ banks and mortgage investors that DO compete for our business (and the business of our borrowers). We may not submit each loan to all these sources...but we DO screen each loan and determine which lenders have the best programs/prices to fit the special ircumstances of each borrower.
Recently there were posts about problems and concerns about the fees charged by a Lending Tree affiliate. I am curious if over all other RTers have had good or bad experiences with Lending Tree generated mortgages...
Steve Ervin
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As a mortgage lender I cannot agree with you more about Lending Tree. They
are simply a lead service. When they tell the consumer that they will be
contacted within hours by up to 4 lenders what they are actually saying is, "If
the first broker/lender we offer your lead to does not buy it as an exclusive
lead we will sell it to up to 3 more brokers/lenders."
Rather than finding a lender or broker that has mortgage program that fits
the consumer's unique needs Lending Tree randomly distributes the information
to brokers and lenders who may not have a meaningful program. So instead of
getting the best deal the consumer is stuck with dealing with one to
four companies that have paid a very high premium for getting their contact
information.
When Lending Tree approached us they wanted a $50,000 set up and feesper
lead that they are sent. There are other mortgage groups out there thatdo a
MUCH better job than Lending Tree--like the group I am affiliated with.
Our group has around 500 offices through out the country and have wholesale
relationships with just under 400 banks and mortgage investors withapprovals
pending at about 150 more. (Lending Tree has less than 300 "lenders"and most of
those are mortgage brokers who then shop the lead to the lenders theydeal
with). When we get a lead from a realtor we shop it among ALL of theavailable
lenders (including ALL of the major banks) and find the BEST programfor the
specific circumstances of the home buyer.
My advice to all the real estate professionals here is to run just asfast as
possible from Lending Tree...
Steve Ervin
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I got a phone call today from Realestate.com which is apparently Lendingtree.com. They have been selling leads to realtors all along and now they are recruiting agents for their new office in Kirkland, WA.
They say they have decided to be a full service real estate company and have opened up in Portland, Oregon. They promise 10 leads/month of high quality but don't disclose their agent split up front.
Have I been missing something or is this a new venture? Lenders getting into the real estate agency business, looks like to me. Does anyone else have them in their market area yet? This is the first I've heard of them.
Eileen
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Check this out:
* LENDINGTREE SITE AIMS TO HELP HOME BUYERS, SELLERS
Just as LendingTree.com changed the way many Americans shop for loans, Doug
Lebda believes RealEstate.com can change the way they shop for homes.
http://www.rismedia.com/index.php/article/articleview/9491/1/1/
Thoughts anyone - Alice
Alice Cleveland, Associate Broker, ePro, GRI |
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>>>I know this subject has been discussed before, but I'd like to
hear of others experiences with referrals from Lending Tree.>>>
I don't have any direct experience with them and never will based
solely on their TV commercials. Any entity that depicts us
(REALTORS) as a bunch of desparate, money grubbing hyenias who
will eat their own to get a chance at a sale isn't any company
that I would want to be involved with on any level.
Besides, one can invest in their own business/practice the same
$$$$ they would pay 3rd party companies and create their own
leads & business, more (and better quality) leads for less money
that the aggravators charge has been my personal
experience..........
Al in CT, JIM
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Here's an article, written by Blanche Evans, regarding Lending Tree
getting licensed and why. Thought it might be of some interest, given
some of the posts of late............
"HERE'S WHY LENDINGTREE IS BECOMING A BROKER
LendingTree recently announced that it is entering the real estate
brokerage business in select Northwest markets. Here's the reason why.
http://www.remax.net/stories/mainst/20050913/6728.htm "
Ann
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Ann Cummings, REALTOR, GRI, CBR, e-PRO
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