all-encompassingly

we still remember mitch hedberg

A severed foot is the ultimate stocking stuffer.

Nov 22nd 2005

online home mortgage leads – some advice

here’s some advice on those spiffy sounding internet mortgage leads from people like lendingtree.com: don’t use them.

remember the spoof site “spammesilly.com” where you could submit your (or, perhaps an enemy’s) contact information with the hope of inundating the lucky soul with endless spam emails, pushy phone calls, and junk mail? well, lendingtree.com has made that pipe dream a reality.

my wife spent quite a bit of time submitting quite a bit of sensitive personal information to lending tree late one night last week. at approximately 9:01 am, the next morning, the barrage began.

since that time, we have received dozens of phone calls asking me to repeat that personal information (what was the point in submitting it online if we’re just going to have to repeat it in dozens of 20-minute phone calls later?), emails asking me to please call (!), and snail mail correspondence promising new, profitable friendships–if i’ll just call back!

the slimy respondents include companies in several different area codes from new york, to louisville, to local banks. some of the ones i can remember are:

  • access mortgage
  • advent mortgage
  • mortgage works
  • basically, lendingtree.com has done nothing for me (except, of course, spam me silly). i still have to deal with all of these lenders individually, from square one. there is not the implied “plethora” of offers that i can simply choose from and move on with my life. instead, i have discovered that lendingtree is simply a self-made middleman that serves no useful purpose. they presumably make hundreds or thousands of dollars on a single successful lead (and probably a pretty penny even on the unsuccessful ones), yet they actually make the process more difficult. but hey, let’s look on the bright side, right? they have an ingenious advertising campaign that completely shrouds the company’s utter parasitic uselessness! that campaign is sum-uppable in one extremely well-spun phrase: “when banks compete, you win.”

    this sentence alone may qualify as the most galling cover-up of a load of crap since “it depends on what the meaning of ‘is’ is.” it would be much MUCH EASIER AND LESS PAINFUL for you to simply contact EVERY BANK YOU KNOW and ask them each to pull your credit history, interview every acquaintance you’ve made since 2nd grade, examine each hair on your head individually for possible misapplication of shampoo (or, alternatively, conditioner), and perhaps even try to understand why you got that target credit card 9 years ago AND THEN offer you a loan. i leave it to you people to know whether i am being objective or if i have lapsed into complete exaggeration mode. but just understand — i’m upset.

    want a home loan? or mortgage advice? ask people you know and trust. talk to your parents, your friends, your business associates, people who smile occasionally and give an actual crap about your life. if you haven’t bought a home before, you may be able to get a sweet FHA loan that reduces your monthly payments by several hundred dollars per month. just as i write this, i decided i wanted to say something good about lendingtree, in case their lawyers call later. so i went to their “knowlege center.” sounded useful. only when i searched for “FHA,” i got ” We apologize. We did not find any results for ‘FHA’.” how can you call yourself a loan site and not have anything on that topic? without it (at least in my case) the mortgage and loan calculators are all useless and incorrect. they tell me i’ll be paying much lower monthly payments than an actual bank will offer. so much for a knowledge center. try google.

    when banks compete, you win

    16 Responses to “online home mortgage leads – some advice”

    1. Skum.

    2. KY!

      You should be thankful that the Lending Tree folks even passed your name onto other companies. I mean, if these people had any inkling whatsoever what a nutball you really are, they wouldn’t give you the time of day . . . much less a loan!!! 🙂

      Ciao!

      Coach Ed

    3. William Andrassy

      To compete in the mortgage industry you need a well ranked website. We specialize in Search engine marketing within the mortgage industry. Our experts can provide the advertising packages your mortgage site needs to succeed in MSN, Yahoo, and Google.

      Put our expert knowledge to work and let us show you what your competition is doing to achieve top rankings and loads of qualified traffic.

      Search engine marketing is the perfect compliment to Pay Per Cick (PPC) and email advertising. Our techniques usually result in more traffic and higher conversion for less money spent.

      Give us a call or email us today

      We are looking for quality link partners to work with for our mortgage network
      We currently have 188 mortgage sites up and running and can provide high quality links back to the right sites.

      thanks

      William Andrassy

    4. Probably no suprise, but they are not the only ones.
      I have an article posted on my site that also covers some of the “interesting” things you should look out for when applying for a home loan with less than perfect credit.

    5. […] online home mortgage leads — some advice — a true story. […]

    6. Edasi

      [spam removed]

    7. ian

      Web mortgage leads are a great way to build your business without spending a fortune on expensive marketing campaigns. I had great success with the company i used and have built my brokerage up to a turnover of $800 000 from scratch. Dont be put off by the Lending tree experience.

    8. Your experience personifies exactly why I created a blog called “HomeLoanGripes.com”. I am an ex-banker – well, a mobile mortgage manager to be precise – and I left the banking industry after more than a decade in it, simply because of the crap they (banks) forced their customers to endure!

      I understand Ian’s comment above (i.e. “don’t be put off by the lending tree experience”) but in all fairness, Ian has no choice but to defend the very same lead gathering methodology of which he is presumably a part of.

      I must say, I do find it rather off-putting to see just how much spam hits this blog! Only Coach Edmo, Ian and myself are genuine posters here so far!!!

    9. Michael Gallardo

      I have used a website to get my home loan online. I actually saved $540.00 a month on my existing mortgage.

      Mike
      FL

    10. It does come right down to it, did you read the information on Lending Tree’s Site, they are not a lender but an aggregator of mortgage leads and will resell your information to as many people as possible, I own a call center that generates mortgage leads and I know how it can be sometimes to receive a ROI on leads. FYI if you want to put your info online give it to a lead company that sells exclusive/non-competing leads like mine next time and save yourself the hassle.

      http://www.telemarketedleads.com

      And for those brokers that are currently using internet generated leads here an FYI to you.
      Internet leads are 5% closing ratio where telemarketer leads are closer to 20%. Your choice though.

      Joseph

    11. Tyler

      As one of the “slimy” respondents, a big screw you. Of course you have to confirm your personal information. What if you made an error in entering your phone number and when I called I got Joe Slimeball from down the street. Would you like for me to try and give him a loan? Or would it be better to ask your social security number to be sure it was you to whom I was speaking?

      Ever try to do your job and have some douchebag like yourself not return phone calls, emails, or snailmail? Not to mention the number of Aholes that pretend they’ve “just gotten some test results back” or “had a loss in the family”. Someone should study the correlation between lendingtree applications and losses in the family. Do some research and know what you are getting into BEFORE you sign up. And to anyone else out there: Someone who calls following YOUR request on Lendingtree is not a telemarketer and treating them as such will make you want to track them down. Another thing, should you really irritate someone who has ALL of your personal information…?

    12. doug

      As one of the “slimy” respondents, a big screw you.

      Thank you for commenting, and thus quite effectively proving Travis’ point.

    13. JerryB

      You sound extremely bitter!?!?! Us there something here that we missed. Maybe you just hooked up with the wrong outfit….try a different one and see if the results are the same. Good Luck in what ever you do in the future. Jerry

    14. I think this is an all to common situation when dealing with any lead company, and not just with mortgage leads.

      It is always far better to work to find your own mortgage leads, as those people would be more qulified. Old leads, fake leads, and problems such as you said makes me wonder why people try to use such companies.

      Good luck in finding a better mortgage lead company or finding a solution which works better.

      Regards,

      Mike

    15. Kathy

      I have been a mortgage broker for several years and like everyone else, been struggling this year. Between Lenders going belly up…and lead companies charging an arm and leg for crap…it had been difficult keeping my doors open.

      Until I found a small independent lead company that delivered what they promised…Interested Borrowers that actually qualified for loans! If any of you are like me…you should check out http://www.leadhorse.net. The site is not overly impressive but I just completed an order of 50 leads…received 12 sets of faxed docs and 6 appraisal orders so far.

    16. Karla Rincon

      Very timely and informative on loan leads. Thanks for sharing this.