Credible buzz abounds — Google is getting into the mortgage business… Pundits still expect Google will launch a new loan aggregation service sometime this year.
News first broke August of this year. According to an article on FastCompany.com, “...in a new law suit brought by LendingTree--an online business that acts as a lead-generation system for mortgages, refinancing and home equity loans. The target of its suit is Mortech, one of its tech suppliers which was supposed to have an exclusive deal with LendingTree. But somehow LendingTree discovered that Mortech was working with someone else, and brought the suit. That suspected third party is Google.
Essentially LendingTree is alleging Mortech is violating contractual exclusivity to help Google get into the online mortgage aggregation business. Within the suit’s text is the following direct reference to Google’s services: LendingTree has “obtained ‘screen shots’ of the trial version of Google’s service that further indicate that, like LendingTree’s service, Google will provide customers with conditional loan offers in addition to lenders’ contact information.” Basically it looks like Google’s expanding the suite of services it offers to include helping connect you up with a mortgage provider.”
Most recently (just a couple weeks ago) Americanbanker.com quotes Rajesh M R, a Celent analyst, as saying “...launch of a Google [mortgage] aggregation site would require the company to switch to a pay-per-lead model instead of its standard pay-per-click model for Adwords - Google’s $21 billion targeted keyword online advertising service that’s used by many financial institutions to reach Google search engine users.
“While lenders could still advertise using Adwords in Google search, the initial reports suggest that Google promotes its own Google Merchant Search site at the top over other sponsored sites,” the Celent analyst says. “In effect, Google sees more revenue in generating leads to lenders than having them promote their products using Adwords.”
Author Resource:-
Andy Denton is the COO of www.Realty.com. Realty.com is a real estate search portal, dedicated to connecting home buyers and sellers to trusting real estate services. Follow the Realty.com blog for up to date housing news and trends. And monitor local mortgage rates at RealtyGadget.com.
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