Cutting down the Lending Tree
I recently gave LendingTree.com a try in my quest for a low-rate home loan. You know, “When banks compete, you win!” As you would expect, I had to reluctantly divulge all sorts of identity-theft-fodder information in order to complete the application.
“When banks compete, you win no hope of privacy.”Little did I know how much I would regret this decision.
As I hoped, I got 15 or so offers from 5 different lenders. The “offers” were detailed enough to compare, so I was pleased with the initial result.
But then things started to sour.
The phone started ringing. The banks were not making me coffee, like in the commercials, but rather calling me at work. It seems that you need to pre-emptively choose — apart from the request process — not to get phone calls. The process for doing this is counter-intuitive at best. I should have guessed from the commercials (bankers waiting in the living room) that this would start to feel intrusive.
And then the emails poured in from each courting lender. These required individual opt-outs. After the phone calls, I was not happy.
The website design made things even worse. Every click, even links and buttons, is actually a form submit — in HTTPS — back to the server. By the time it has taken you to read this far, you could have clicked once on the LendingTree website.
I picked up the phone, called a locally-recommended broker, and gave him my business.After spending what felt like hours at the website trying to sort (another post), review (another post), return to the previous page (another post), ad nauseum, I had enough. I picked up the phone, called a locally-recommended broker, and gave him my business. No fuss, no spam, no incredibly unusable website.
Wanting to tidy things up, I went back to my LendingTree.com account. I tried to delete the offers in my account. Nope, no way to do that. You can “reject” them, but they don’t disappear. “Okay,” I thought, “I’ll just delete my account.” Nope, no way to do that from the website either.
So I called the 800 number on the website, and eventually ended up speaking with a “Customer Care” rep named Scott. Scott told me that I can’t delete my account, and that LendingTree.com will have my identity-theft-fodder information for two to three years.
“That is unacceptable,” I said, in my best Super-Nanny-Rebuking-The-Child-Voice. I spoke in a low, measured tone to convey my authority and displeasure. “I want you to delete my account immediately.” Scott wouldn’t budge, so I told him I wanted to speak to his manager.
Now Scott was irritated. “Meaning no disrespect,” he said through gritted teeth, “My manager will just tell you the same thing. “Okay,” I said, adding a pregnant pause for effect, “Then put your manager on to tell me the same thing.”
Robert came on the line. Robert had his business manager voice on, ready to quash the silly customer with unreasonable privacy concerns. “I want you to delete my account,” I repeated. Scott was right, Robert told me the same thing: “No.” Undeterred, I insisted, “I don’t want you guys to have my private data waiting to be stolen.”
Robert assured me my information was perfectly safe. “Of course you say that,” I replied, “Yet four banks just had 700,000 customer records stolen.“
“That won’t happen to us,” assured Robert, “Blah blah physical security blah blah.” (Read: LendingTree.com is more secure than Dick Cheney at an undisclosed location, and all those silly banks don’t know how to secure information.)
“Your request is a common one, but we can’t delete your information…”Then, the bombshell. Robert admitted, “Your request is a common one, but we can’t delete your information because we have to follow federal law under Regulation B and keep your information for 2-3 years. We aren’t allowed to delete it, because we might get audited.”
Honestly, how many people would create an account if they knew all that personal information could NOT be removed? “Fine,” I said, “Then show me where it says on your website that I can’t delete my account.” Robert’s reply: “It doesn’t. Our website says we abide by Regulation B. You can go elsewhere on the Internet and read Regulation B for yourself.”
And there it finally was. LendingTree.com doesn’t dare tell you that your credit information, social security, earnings history, address, etc. will be retained against your wishes according to Regulation B, Sec. 202.12, “Record Retention.” They are counting on you not to go read the 17 sections, 4 appendices and 1 supplemental addendum of federal law to find out the truth.
The conversation ended pretty quickly after that. I fought the law and the law, coupled with obfuscated information, won. My information is in the LendingTree.com database until at least June 2007, and I can’t do a blessed thing about it…. Except warn you not to sign up.
Local lenders/brokers are easy to find. Privacy, I have discovered, is hard to keep.
Update 2/16/2006
If you feel you have been subjected to abuse, predatory lending practices, or privacy violations, I recommend you file a complaint with the Better Business Bureau AND file a complaint with the Federal Trade Commission.
1-year Anniversary Update
It is interesting that writing about my own bad experience has become a community Lending Tree review. Dozens of people are writing in to share their horror stories about bad/predatory lending practices and warn others to be very careful about dealing with Lending Tree. I wrote “Stump Grinding the Lending Tree” one year after this post as a way of saying thanks to everyone who has shared their story. Whether you have had problems or positive experiences, please share them as a way of helping others know what to expect.
Class Action Lawsuit Update (10/12/2006)
My experiences with LT, despite being bad, didn’t include what I would consider to be predatory lending practices. Many of you have experienced far worse, however. Good news, as reported by a former employee of Lending Tree (see comments below): LendingTree Sued in Nationwide Class Action Announces Teuton, Loewy & Parker LLP. The class action seeks declaratory and injunctive relief, millions of dollars in compensatory and punitive damages, restitution, and (of course) attorneys’ fees.
July 22nd, 2005 at 14:54
Thanks Mark too bad I do my research after I submitted my info! But I will not pursue a loan with them. Nice writing.
July 24th, 2005 at 15:20
Much appreciated.
September 25th, 2005 at 20:57
Yep - great piece, too bad that I also only researched this after I’d filled out half a dozen forms. And the page was difficult to find too because of so much other lending tree information out there.
This makes me wonder what I could put here to help search terms so that other people can find this page easier.
Lending Tree, aka lendingtree.com is a privacy quagmire if you are concerned about your privacy.
I tried it several years ago and decided against it, (and forgot why) and in that time they’ve gotten shadier, bombarding you with various opt-in advertisements and confusing form buttons so that by the end you can’t tell what’s part of the form, and what part of your soul you’ve just signed away.
September 27th, 2005 at 22:37
You’ll be happy to know this website kept me from providing any info to lendingtree.
October 12th, 2005 at 02:36
Mark,
On top of the above stated security complaints, our information is SOLD widely to all sorts of lenders, good and bad. Since I was taken in by Lending tree I have no less than 40 phone calls and untold Emails from every conceivable lender on the planet. Every evening and weekend I am still getting these calls from the latest shmuck that purchased my private information.
Avoid Lending Tree like the plague.
October 20th, 2005 at 16:22
Well, I wish i would have read this before going though hell. I used lending tree to consolidate all my debt in a home equity loan. Yeah I saw those four offers. But I hardly call them offers. i didn’t see anything that layed out truth in lending terms. Instead it was just a loan type and interest rate and the name of the bank. Well in the end the kept me on the hook. Said they received alot of offers for me and choose Home Loan Center. BTW Home Loan Center is owned by lendingtree.com. They offered me a home equity line of credit with a variable interest rate that wasn’t very decent and a ton of fees. Well I went back afterwards and asked to see all these so called offers that they had received on my behalf. They can’t seem to produce them. They say as better offers come in ohters get deleted.
On top of all this I get e-mails from Lendingtree.com Home Loan Center and Realestate.com bugging me.
There is something fishy about lendingtree.com.
They told me they “have” to give me me the best rate or they get fired. But yet they can’t prove they gave you the best rate?
Fishy. Beware.
November 6th, 2005 at 03:44
Well, I was just about to do a lendingtree comparison for auto loans, and started to get a little freaked by some of the fine print. Searching Google for “Lending tree- privacy” brought up your site (2nd site listed under theirs)… and I’m glad it did. Done with lendingtree. Thanks.
December 12th, 2005 at 01:00
Thanks for the scoop! I wish this information was easier to find before I signed up. You may want to think about posting this article on Clark Howard’s website, clarkhoward.com. (I’m in no way affiliated with him but use his site when it comes to financial questions.) Also, have you thought about publishing this article in a newspaper? I really really wish I knew the above information before I signed up but at the sametime, at least I know. Thanks again.
December 30th, 2005 at 04:44
your site is very informative do visit our site also
Lending
Tree
January 14th, 2006 at 19:24
Thanks. I was 9/10 thru filling out Lending Tree info and about to press “submit” when I decided to google “lending tree.com opinions” for the heck of it. Saw your site, read it, and canceled immediately. Thanks for putting out the heads up. Thanks alot!
January 17th, 2006 at 09:56
i was just about to apply with lending tree when i kinda felt uneasy about giving all that personal info out online. i thought it would be easyer to get a load with them wrather then just go to my local bank,,, if it wasnt for people like u, i would’v put all my personal info with them in that website,, thanx for your words of wisdome,,, know that they dont go unheard,,, im greatly appreciated.
james
January 17th, 2006 at 10:07
once again i cant thank everyone thats saved me the obbligation of all of this,,, i was so close to hitting submit on my application before i decided to check it out a little further, and im glad i did once again thank u so much you for saving me all that obbligation…. i consider myself one of the lucky ones because of people like you who actually care enough to warn people like me,,, thank u so much
james
January 31st, 2006 at 20:26
WOW!!! Your site and all of it’s responder comments just saved me a huge headache. I’m sorry for all of your problems with L.T., but, your creating this site has, I’m sure, cost them millions. Too bad these sites can’t just do “honest business”. They’ve just lost any enquiry from me. THANKS, THANKS, THANKS!!!!!
January 31st, 2006 at 21:16
Thank you so much for this information. I saw Lending Tree’s commercial and thought, now is a good time for us to get a home equity loan so I emailed them. They sent the application. I completed it but did not sign the authorization form for them to pull my credit reports. My husband was hesitant so he called a friend who is a mortgage broker only to find out that Lending Tree is not what they represent. My husband said he would go ahead with the loan if I wanted to but did not feel we should. After reading your article, I will discard the application and the authorization form. Thanks a bunch!!!!!
February 8th, 2006 at 05:07
Sorry I didn’t see this sooner.
February 9th, 2006 at 16:07
They use boiler room hard sell tactics to get you to use their service. After they get you to fork over $600 earnest money, the bad service begins. They will constantly try to slip in extra charges while you are not looking. Stay away from Lending tree. I should have been more carefull.
February 13th, 2006 at 19:15
I am a broker from a small company in Kansas City. I am so glad to see this information published. I have heard first hand the horror stories of on-line applications. I have actually had customers “romanced” away from the solid real product that I offer only to return to me with the stories of empty promises and unreturned phone calls. My advise to the consumer is, while you are looking ask questions. Do not devulge your personal information until you feel a level of trust. If you don’t understand ask again. Many loan officers forget how to speak english. If all you hear is a list of acronyms, I can assure you that this is a new or poorly trained person. Hang up and try again. If you have had a good expirience in the past, look that person up and use them again. Don’t be swept off your feet by expensive advertising campaigns, who do you think “really” pays the extra price?
February 16th, 2006 at 20:14
Has anyone tried to get together to file a lawsuit?
My story with them is so detailed I can’t even begin to write at this point. It’s only been a month and I have unbelievable stories.
I do have information that might help someone. Freedom Mortgage sent information to me of another person’s loan info. At thispoint I’m still trying to decide what to do with this info. If anyone has any help or suggestions please let me know.
February 22nd, 2006 at 19:58
I am midstream with Lending Tree - I provided my info but have not committed my $600. Reading all these comments has convinced me to not go any further with them. Wish I had done more due diligence on LT before starting this process.
February 26th, 2006 at 19:28
What these buggers do is try to move in on the people who really need help.
Very good articale.
March 1st, 2006 at 19:42
THANK YOU! I just googled lending tree review and found your site…yes, you probably have cost them millions in this site….but saved a million from being taken advantage of. I encourage those reading this to do your homework when dealing with your money and giving personal information. Dont be desperate, go to your local bank…even if it is a few percentage points higher…it is usually your safest bet.
March 2nd, 2006 at 16:22
Going to your bank is not always the best answer. Higher rates and sometimes they just drag their feet. They also have fewer choices and approve only a fraction of the people that would qualify with your local broker.
March 8th, 2006 at 14:09
I really wish I had seen this before I went through about 2000 cell phone minutes chasing those people off. I was however able to get them to delete my account because of one big NONO that happened. They state that their “5 lenders” that you are set up with only do one soft credit pull, but when I acctually went to a loan office and they pulled my report it was a complete mess. I had over 20 hard credit pulls, and they were not considered as one. Because of this I was denied a credit increase with my credit card since there were too many inquiries. Fortunatly I have very good credit, so that outbalanced all of the inquiries when applying for my loan.
To anyone looking to buy a home, your best bet is to hook up with a realitor and get some info from them. Mine managed to hook me up with 1 100% financing, 30 year fixed with 6.25 apr and no PMI’s or origination fees etc.
March 23rd, 2006 at 03:37
I used to work for LendingTree in their “customer care” department… You would be amazed at what this company gets away with!
April 8th, 2006 at 02:00
Thank you for putting this site on the web. I just wish that I had seen it earlier. I had my share of problems with this _ _ _ _ ing company as well. I received good customer service from them in the beginning, and paid my $600 to lock in the interest rate. After they had me locked in, I received my loan package from Home Loan Center (which is owned by Lending Tree)it was riddled with errors and what looked to be bogus charges. I phoned their customer service who could no explain the charges. I had to wait for supervisors to call back!
Lending Tree said they would fix the mistakes, but loan behold, the corrected copy had more mistakes, and so did the third. This led me to contact Lending Tree to tell them that I was not comfortable with them representing my loan because they could not send me a package without errors, or adequately answer my questions. The customer service rep told me that “in a perfect world, we could send you a perfect package.” I told them that it had better be perfect after three tries!
Not only were the packages incorrect, but the time alloted for my loan guaruntee were expiring, and my wife and I, who are both active duty military, were contending with both of us getting send out of town at different times.
To make a long story short, the loan disclosure agreement that you sign in the beginning of the process hooks you, and they can give you whatever lack of customer service that they deem necessary. I complained to the Better Business Bureau, and consulted an attorney on my military base. Both informed me that the contract combined with this country being located in the state of Florida (which lets businesses get away with anything) left me no options.
Please do your research before you sign a contract with this company or you may end up being screwed like myself and the rest of the folks who posted on this site!
April 11th, 2006 at 17:53
Thank you, Thank you for providing this information. I was lucky that form 2 did not appear…I guess my popup blocker blocked it. So far all they received was what I was applying for.
When the second try failed I googled Barry Diller from Home Loan Center which is owned by Learning Tree. I guess the name can be used to represent our lessons…good and bad. Sorry some of us went too far…and I’m thankful that you stopped me. When the page didn’t change the second time my spirit said I was about to sleep with the devil. Thank you again for stopping me from temptation.
April 12th, 2006 at 02:20
I feel like I should invite you to our housewarming party in appreciation for sharing the details of your experience. We will not take the next steps with Lending Tree, and I can’t imagine all that we will miss out on … for which we will have you to thank!
April 12th, 2006 at 16:13
I used to work for a broker that dealt exclusively with LTree and just recently went to work for a large bank with an established local presence. LendingTree has turned the loan process into a very impersonal experience, and an annoying one for a prospective borrower (brokers are taught to get on the phone and stay on the phone…call, call, call)! The fees that LendingTree charges to brokers for closing your loan are typically passed on to the customer as a processing fee, origination fee, etc.
I worked with a LendingTree broker for 4 years before I wised up and left, and even though I was dealing with them on a daily basis, I would never secure any loan through LendingTree. Hope this helps.
April 19th, 2006 at 21:32
Thank you for posting this article. I am sitting around waiting for a store-front broker to call me back and thought maybe I’d look into the Lending Tree scam. Luckier than most — it appears I did my “google” in the right order!
Sorry for all of y’all’s headaches, but thank you VERY much for sharing.
I did have a friend that did the Lending Tree submittal, but then changed her mind — I only now heard about their “fee.” The one bad thing my friend had told me was that she received a MasterCard AND Visa in the mail that she didn’t actually apply for — both companies said it was part of her application with Lending Tree. It apparently was some ridiculous rate (almost 30% APR) and she was foolish and used the MC instead of just closing the account.
That was the only horror story I had heard until now.
April 20th, 2006 at 00:40
Thank you so much for starting this site. You have saved me time and money. I was ready to fill out the questionaire and thought that I would do a little research…and found all of these horror stories. Thanks again for saving coutless others.
April 25th, 2006 at 17:40
I was lulled into the LendingTree process by Costco - figuring that Costco would not do business with a questionable company. I was about 50% through their sign up process when I decided to do a bit more research about Lending Tree (was getting that queasy feeling in my stomach). Came across your site and closed out the LendingTree site immediately - thanks for helpng them pay dearly for their bad business practices.
May 1st, 2006 at 16:20
I recently called Lending Tree.com to re-finance my house, I received phone calls from different people, numerous quote changes, and did not give permission to pull my credit report. Closing costs and the point “deals” kept changing once they knew that I was interested! Do not let this company have your personal info!!!! Go to www.marketwatch.com and check the current rates and try www.ripoffreport.com before using an internet company like this one. This is how and why identity theft exists in this country, then the victimized consumer must try to clear the mess up— while these huge companies get away with wrecking hard working American’s lives.
From a furious victim of identity theft, what else do you call it when someone refuses to give back/delete your own personal info?
Kristina
May 10th, 2006 at 16:51
I just closed a mortgage with Lending Tree and they committed flat-out fraud. I was offered the same interest rate from about 5 internet lenders for a 95% mortgage, but unlike the others, Lending Tree said the loan would have no PMI. When I got to the closing I discovered the Lending Tree loan *did* have PMI - the same amount all of the others had. Had I known I would have gone with an 80/20 split to deduct the interest from my taxes. I also would have gotten my loan from Manny Dutra who is in a small-scale Vermont-based mortgage group and was extremely helpful and a decent nice guy - I wanted him to get my business, but the Lending Tree offer was too tempting. Hopefully this will be a chance to send someone else his way. I am in the middle of working with Lending Tree’s “customer excellence” (gotta love that irony) department to resolve this. Luckily an agent at e-Loans I spoke to used to work for Lending Tree and she told me to get a GFE from Lending Tree even though they claim they don’t do them. Plus I saved the emails beween the sales agent and me where he explained how they could offer a 95% loan without PMI and how even if there did turn out to be PMI it would be $50/mo (actually it’s $140). So armed with these documents maybe I can shake something more from the Tree, or at the very least I hope to file complaints with the BBB and state banking commission. This experience turned a happy day of buying my first home into a stressful nightmare. Caveat emptor.
May 12th, 2006 at 03:20
I have experience from both sides on this topic. Last year I closed a loan using LT and a few months ago I started a new job as a Loan Officer for a mortgage company that uses LT for lead generation. If you are applying for a home loan LT can be a good start BUT you can expect several calls from variuos banks/lenders. LT typically does not fund your loan. In most cases they only act as a middle man, giving your application to a few lenders. After reading the previuos posts I must point out a few things. First, LT saves your info just like any other mortgage company. It is the law. Second, the initial offers from LT are computer gernerated. No Loan Officer looks at your application before they send the offer. You must contact each company to get an actual 100% guranteed offer. If you are worried about getting ripped off always ask for a Good Faith Estimate (GFE) from the lender and save it! If you really want to compare loan programs ask these questions to every lender and compile a list to compare. These items are listed on the GFE but it is a very good idea to ask these questions to let the loan officer know you are no rookie.
1. What is my interest rate?
2. What is the loan origination fee?
3. Are there any discount points on the loan?
4. What is the term of the loan? (30yr fixed/ARM)
5. What is my monthly principle and interest payment.
The last advise I can offer is to get at least 3-4 different loan quotes. If one company’s fees and interest rates are much cheaper than everyone elses, run! It is almost always a scam. I have seen this on a daily basis since I started working in the mortgage industry and the sad thing is that people fall for it everyday.
Thanks,
mike
May 16th, 2006 at 13:44
Lendingtree — You might want to read this before you submit your info!
Lendingtree is quick to give you a list of 4 lenders who are ready to compete for your loan. You fill out the form online, hit submit and bam!…you are preapproved! — Or are you? — Try filling out the form with a 40K a year salary and a 2 million dollar loan…and guess what? Preapproved…humm. But, before you go filling out the form to test this theory here is the worst part. Lendingtree shops your loan to hundreds of lenders. Which is good because, “when banks compete you win”, right? Maybe not in this case! Lendingtree shops your loan to all these lenders, but instead of furnishing each of them with a credit report-each of these lenders are pulling your credit report!! If you don’t know much about credit having these multiple inquiries to your credit can drastically drop your credit score. There are Lendingtree customers out there claiming to drop 50-70 points on their credit score! But, don’t just take my word for it. Visit this site to read complaints from actual Lendingtree customers:
http://ripoffreport.com/results.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search%21&q5=lendingtree&Search=Search
Maybe it’s better to find your local mortgage broker and let them get to work without totally damaging your credit. It’s definately worth researching to find the broker who will treat you right.
May 17th, 2006 at 23:33
Whew…that was a close one. I actually consider myself a savy consumer, so I read the fine print on the lending tree site and even went so far as to look up the license agreement for my state. Everything looked pretty legit, so I emailed my wife to go ahead and submit an application.
That’s when a little voice said, “Google them.” I am VERY glad that I did. What a scame! I can’t believe that they can get away with this and I didn’t know anything about it until I saw this website.
I immediately called my wife and stopped her as she was about to send them our info. About 6 months ago I submitted an application for information about home loans. Just information, that was supposed to be emailed to me. I specificaly requested no phone calls.
I now have a new phone number due to the enormous volume of calls I received from every broker and bank on the East coast. I have a feeling that that little nightmare would have been a walk in the park compared to what Lending Tree had in store for me.
Thank you so much for taking the time to help the rest of us avoid the grief you went through. You are a true hero.
Scott
May 18th, 2006 at 02:36
Whew! Thank you! As a first-time prospective homebuyer, this has opened my eyes to all of the potential scams out there. I was seriously considering filling out the LT application tonight and God led me to research more and thus, to this article. It seems like every financial website is singing their praises???
I am running from Lending Tree! I am sorry that some people have had to suffer for us all. God bless you!
May 24th, 2006 at 01:22
I’m a loan officer who received LendingTree leads. Believe me, I don’t like them either. They tell us that only 4 lenders get your name, etc. but it is more than that. I don’t want to be the tenth guy calling you, just as much as you do not want 10 guys calling you! Plus, even with all the information you provide it is still not enough to give you an accurate offer. Then we have to deal with other lenders promising rates that are just not possible. My offers were not computer generated, as someone previously posted (although some companies I guess do), but I do have to make an offer within a certain time frame even though I don’t have enough information. It is frustrating all around. If you want to avoid the hassle, contact me directly: gboat@yahoo.com
May 26th, 2006 at 03:51
**BEWARE NEW LENDING TREE NAME**
Apparently your work is paying off. I received a postal mail solicitation from wwww.homeloancenter.com/refitoday . Their disclosure does state that they are called Home Loan Center, Inc. dba Lending Tree Loans, and are also known as Home Loan Center USA Inc. So now it appears they are trying to hide the Lending Tree name. The letter promises a refinance rate as being 1.25% to 6.764% for your “initial rate” and is also called your “start rate.” Normally this would have been enough to file this in the trash (way too good to be true for long), but my personal situation is that I may refinance now, but also may then sell the property within the next year or so. (I know that sounds silly, but I have a huge positive equity from market gains, and will be moving, so I’ll still come out way ahead even after a refi). So I thought I’d check this out to see how long the “initial” ot “start” payment would be in effect. (Hey, I’ll take 1.25% even if it’s for a few months, given my situation of selling within the next year). I’m not well versed in their fine print double talk, but the way I read their disclosure, it appears that the rate is based on the 1 month MTA index, and MAY change if the index adjusts after the first 30 days. So I did a check to see what the MTA index is, and the charts I saw looks like it changes at least a few to several times each and every month. So it appears the 1.25% is for just the first 30 days. I thought bait and switch was illegal. Perhaps their version is legal, since they do disclose it if you can figure out their wording. Not easy for the average person I think.
Anyway, many thanks for your site and all those who have helped pass on their nightmares. You all have saved another good person from their attack. Mark, please consider adding the names Home Loan Center Inc. and Home Loan Center USA Inc. to your site. Hopefully your site would then still come up in a search of any of these names (I used Google/Lending Tree reviews to find you (on Epinion)).
May 26th, 2006 at 04:52
Thanks for the update, John.
Home Loan Center, Inc. is actually one of Lending Tree’s approved brokers, as seen here in this list: Lending Tree Top Lenders.
Many thanks to Lending Tree for publishing a list of companies I can intentionally deny my business.
June 1st, 2006 at 12:54
Thanks for the valuable information on LendingTree- I’ve had problems with these “hidden page, ‘click to opt out’ sites” before and they can be a real nightmare (Gevalia coffee gives your credit card number to other companies- WLI, a travel membership gives you nothing but a charge on your credit card statement every month! Gevalia also sells your e-mail address and you’re bombarded with spam) I was going to go to LendingTree.com and decided to do a bit of research this time…saw your website, Thanks for the warning! I’ve avoided giving a lot of private information out to many others.
June 6th, 2006 at 06:09
Wow, I just read everyone’s threads on this. As the owner of a local South Florida mortgage company, I will refrain from hooking up with Lending Tree for leads (even though they are so oversold, I’m not sure they can still generate enough leads for all the lenders who want them). It is especially encouraging to me, as an HONEST mortgage professional, to see loan officers and lenders imparting some trade insight to help you consumers “see the man behind the curtain.” Those of us who are honest want consumers to know the facts, and we’re fully disclosing before, during and AT CLOSING. I can’t say conclusively that Lending Tree has bad practices; it’s more likely that the lenders buying their leads may engage in the bad behavior. Nevertheless, you know what happens to the guy in the mob who vouches for somebody else who does the wrong thing…
OK, so here’s my advice, as a 20 yr veteran of mortgage origination. Work with the company and individual loan officer that gives you the best feeling for honesty and disclosure. The person who answers your questions directly and succinctly. The one who gets your RESPA docs to you within 3 days of application. Unforntunately, the numbers quoted in this business are only as good as the people behind them, so you should really be doing your best character shopping, beyond just a numbers quote on the phone & Web. All legitimate offers for a similar loan program should be within .25 point on the rate. If other offers seem too good to be true, there is likely deception. Good luck, and call me if I can help any of you in Florida. I am happy to provide free advice, if only to keep you out of the clutches of people who give our industry a bad name.
Brian 561-306-2209
June 7th, 2006 at 03:45
I used to work at LendingTree, and can tell you that the place is ran by a bunch of monkeys. I bet the media would love to talk about the nonsense that goes on at that place…
June 7th, 2006 at 17:50
Susan, wbat do you mean, monkeys? Is there dishonesty? Please explain what else you know!
Brian
June 7th, 2006 at 18:38
I am sorry that so many people have had a bad experience or choose to accept someone else’s experience as truth. “The less a man makes declarative statements, the less apt he is to look foolish in retrospect.” With that said, I am an affiliated broker on Lending Tree and I want you all to know that there are people affiliated with Lending Tree who do mean well. I have made excellent friends and helped so many people through the site. Just like with anything, it takes a few bad experiences to ruin something for all but people are faster to spread negative than positive. That is my complaint.
June 9th, 2006 at 17:12
OMG! Thank you so much to everyone who has provided info on this site. I too was just about to hit “submit” when I felt kinda uneasy and decided to Google them. I think poor Savana should go though the rest of the complaint sites just to see how many “bad experiences” there have been. Sorry - but when it comes to my money I’ll err on the side of caution. Thanks again! Valerie
June 12th, 2006 at 22:12
Has anyone on this site ever used them, except the first post and a few in between. Just curious before I dismiss them, like so many of you have without checking it out… Thanks!
June 13th, 2006 at 17:48
Glad I found this article, I won’t be using LendingTree. Thanks!
June 19th, 2006 at 23:02
I was “this” close to filling out an app w/LT and I’m so happy I found this site. As it turns out, I couldn’t read the font on their site, so I exited out, and when I did I saw this site and decided to take a peek. Whew! Thanks
June 28th, 2006 at 15:39
I am a mortgage broker at 1st Securities Mortgage in Oak Park, Michigan. We get approximately 20 new applications a day from people who have submitted their information through the Lending Tree. I am amazed at what is being said here about mortgage brokers, we have the ability to shop your situation around to 50 or so lenders in order to get you the best rates and programs. My company does not do any of the horrible things that are being said in this forum. It may be because I am new to the business (I’ve been here for 3 months) but I am doing loans for basically free in the hopes that I can get referrals from customers I provide exceptional service to. Since I am new and I’m trying to network as much as possible, please feel free to email me with any questions you have regarding how the Lending Tree “really” works or if you simply want an honest answer to a mortgage question. We are licensed in 12 states so I might even be able to help you with your mortgage needs.
Brian
bmyers@1stsecurities.net
June 30th, 2006 at 20:51
I was introduced to Lending Tree through LowerMyBills.com . Actually, I had started what I thought was information shopping for a home equity line of credit - then did NOT finish the application. I had changed my mind. Unfortunately, I had already entered my phone number, name and address. I don’t remember if I placed any other information ( besides my home particulars) on the information application. I hope not because now I am getting calls from so many different mortgage companies that it getting irritating. I repeat - I DID NOT FINISH THE APPLICATION! Why would my information be submitted anyway? The person from Lending Tree sounds nice and says that I could have an answer in a matter of a few hours if I fax him some more information. An equity line of credit would be nice to have for some home repairs (we don’t want to refinance because we have a good rate), but after reading everything here- I really don’t know what to think. I do have some advice though - don’t even begin to fill out ANY application online until you are SURE you want people calling you.
July 5th, 2006 at 12:05
Wish I had seen this site sooner. I applied, got lots of offers all at higher rates than I thought reasonable. I went to my bank who beat the best LT offers by 1 point with no fees. So I signed up there. Now I find my junk mail quota has shot up 200% with loan offers. And all my ID theft fodder is circulating. We live and learn I guess.
July 5th, 2006 at 22:41
I saw this as I googled LT. Boy am I glad I did! THANK YOU! THANK YOU! THANK YOU! Now I know to look elsewhere! Have you thought about e-mailing 20/20 or one of the other news shows about this? I might save even more people like me from doing anything with LT.
Thanks so much.
July 5th, 2006 at 23:08
I was approved for a loan through LT. I havent taken it yet. I’m I already screwed?
July 7th, 2006 at 10:44
Thanks…you saved us too. Looking for a good deal, but will stay with my B of A bank. If it wasn’t for every one’s comments & this websight, we would be a nother number on LT’s hit list.
July 10th, 2006 at 16:03
Thank you so much. I appreciate your website. Your story, and others like it, have saved me a great deal of time and energy.
July 15th, 2006 at 17:11
Lending Tree and the Art of the Predatory Loan
Here is our TRUE STORY. On 05-25-06 my wife and I called a representative of Lending Tree to look into refinancing our house. We agreed to pay $400 to lock in a 6.25% annual rate loan with 1.5 discount points. (We currently have an ARM with WAMU and wished to convert to a 30 year fixed loan) At that time, we estimated the value of our house to be between $375,000 to $400,000 and requested a local appraiser be used. We made that request because, as Home Inspectors, we had heard from several local Realtors that out-of-town Appraisers were notorious for providing BAD APPRAISALS. We were then told by Lending Tree that none of the hundred or so local Appraisers in our area (Palm Springs, CA) were on their “NETWORK” and that an appraiser from Moreno Valley (near Riverside) would have to be used. Despite our reservations with this, we agreed to avoid losing our $400 rate lock. Then, what we were afraid would happen, DID. Our appraisal came in at $280,000, much less than we knew the actual value of our property to be. As an example, in May 2005 (when we refinanced through WAMU) our house was appraised at $335,000 and market values in our area have went way up since then. We were understandably upset and explained to their loan processor that we felt that this was a ridiculous appraisal. She told us that in reality we would benefit by such a low appraisal because we would pay less in property taxes, and that there would be absolutely NO repercussions regarding our loan if we agreed to reduce our total loan amount by $2000 to avoid having to pay for P.M.I. (Property Mortgage Insurance) On the other hand, if we chose to dispute the appraisal, we were in danger of forfeiting our $400 rate lock due to time restraints. Based on this information, we again agreed to move forward. Unfortunately, that turned out to be OUR FIRST BIG MISTAKE.
Roughly one week later, when the loan documents arrived in the mail for us to sign, we discovered that Lending Tree had added 1/2 point (or $1120.00) more to the cost of doing the loan. (This was in addition to their already much higher than average closing costs) We signed everything figuring it was a mistake that could be easily corrected. That turned out to be OUR SECOND BIG MISTAKE. The reason, we were told two days later when they finally called us back, was that our loan-to-value had changed due to our misrepresentation of the value of our house, and that we were now being penalized for that. In addition, they were now NOT willing to change the points unless we were able to prove the appraisal of our property was valued too low.
At this point, we asked for a full refund of our $400, but were refused on the grounds that they had incurred expenses. They would, however, grant us an extension of the Three Day Right To Cancel so that we could correct the problem. All we had to do, they said, was provide them with at least three additional local comps. that could dispute the ones used by their Appraiser. We were not happy with this, but reluctantly agreed to save money. We immediately called both a local appraiser and a local Realtor and were provided with 13 recently sold comparable properties, all of which proved our dispute was legitimate, and faxed them all to Lending Tree. Despite jumping through every hoop they threw at us with bells on, we were put on hold for several more days while interest rates went up, and eventually were told that their appraisal department had reviewed our claim and decided to denied it without giving any real explanation! All they said was “We are choosing to stand by the original appraisal, but are still willing to go through with the original loan at 2 points if you are.” We realized then that they had never intended to reconsider their appraisal, but were just using stall tactics to get us to agree to the loan as is. After days of accumulating stress and sleep deprivation, WE DECIDED THAT WE COULD NOT LIVE WITH OURSELVES IF WE LET THESES PEOPLE TAKE ADVANTAGE OF US LIKE THAT and decided to cut our loses and send them our Right to Cancellation form.
JUST WHEN WE THOUGHT THE NIGHTMARE WAS OVER we got a call from a sales supervisor who said he understood that there were ‘obvious discrepancies with the appraisal report’ and claimed “It seems we were all the victims of a bad appraisal.” He also said that he had talked with his boss and she had already agreed to go through with the original loan at 1.5 points. Of course, we had obvious reservations because we felt like we couldn’t trust Lending Tree, but in the interim, interest rates had increased again, and this guy actually convinced us that he was on our side and was just trying to do the right thing. SO, AFTER GETTING HIM TO VERBALLY PROMISE US OVER THE PHONE THAT THERE WOULD BE NO MORE PROBLEMS OR HIDDEN CHARGES ADDED TO THE COST TO DO THIS LOAN, we again agreed to go forward with Lending Tree. THAT WAS THE BIGGEST MISTAKE OFF ALL!
After three more full days of obvious stalling, (and additional sleep deprivation) we were being told that they were still waiting on some kind of documentation. Of course, during this time interest rates had continued to rise making our unprotected position (because all we had was this guy’s word) more and more tenuous by the minute. When he finally did get back to us he actually had the nerve to say it was our fault THEY HAD DECIDED TO DENY OUR CLAIM AGAIN because we had sent in the original Notice of Cancellation. (We never have figured out exactly what he meant by that - Of course we sent in the Notice of Cancellation - We had to cancel before our 4 day extension ran out - And this guy had to know this because he told us several times that HE FELT BAD THAT WE HAD TO CANCEL DUE TO A BAD APPRAISAL. The only explanation we could come up with is that these people are so used to making pat excuses to justify their unethical behavior, that they don’t even care if they make sense anymore. The sales guy went on to say that interest rates had went up 3/8s of a point since our original rate lock on May 25th, but that HE WOULD LOVE TO HELP US OUT by getting us our original 6 1/4% rate, but that IT WOULD NOW COST US A FULL 3 POINTS (or an additional $3330) for it. What a guy! In other words, Lending Tree has absolutely NO problem with lying to their clients, using the system to gain an unfair and unethical advantage, and then PROFITING FROM BOTH THE TRUST AND DESPERATION OF THE AVERAGE JOE.
We are now refinancing through WAMU which is what we should have done in the first place. UPDATE: ON MONDAY, 07-10-06 OUR HOUSE WAS APPRAISED BY A LOCAL APPRAISER FOR $380,000. Unfortunately, seeing Lending Tree’s commercial is now going to cost us close to $10,000 over the next 30 years. DON’T MAKE THE SAME MISTAKES WE DID! The employees of Lending Tree are obviously TRAINED IN THE ART OF THE PREDATORY LOAN! (Much like a car dealership) Although this may not be against the law, we feel it should be, especially when a $400 deposit/rate lock is demanded up front. Trust this testimonial! REFINANCING THROUGH LENDING TREE COULD END UP BEING ONE OF THE BIGGEST MISTAKES OF YOUR LIFE!!
July 17th, 2006 at 20:41
Your blog is extremely amusing. However it falls a little short in the fact that….when you see that a company has “privacy policy, security statements, lending disclosures etc…” listed on their site….do you not read those first?
And to everyone that is moaning about their credit being pulled…you authorized that with one mouse click. Seriously…the people that complain the most are the ones that don’t read the fine print.
LendingTree doesn’t sell your information. However the lenders MIGHT. So you put all your information in on the website…and boom you get a million calls when you were expecting only 5. Well boo hoo. Do you know that the Credit Reporting Agencies sell lists of information to the Consumer Reports company(ies)….who in turn sell that information to the pool of lending institutions that have, as soon as ONE single inquiry is done on your credit report in regards to ANY loan? Hmmm, maybe that’s why there’s an opt-out 800# listed on the back of those offers. But riiight…blame LendingTree, because you’re so smart…and would never do anything wrong. Want to read Regulation B? here…take a gander:
http://www.federalreserve.gov/boarddocs/press/bcreg/2003/20030305/attachment.pdf#search=’regulation%20B’
So yanno, they WEREN’T lying. and to the person who had his information “deleted”, I don’t think so. LendingTree NEVER says ANYWHERE that the lenders only do a soft credit pull. LendingTree does the soft credit pull immediately when you hit submit on the end of the form. The lenders however will do the hard credit pull…and that is authorized BY YOU in the last paragraph before you hit submit.
I’m seriously sick and tired of people belly aching and whining about “invasion of privacy”…”identity theft”, blah blah blah. Think about this, those of you that order plane tickets…book hotel rooms…do your banking and whatever else ONLINE…what’s so different than this? Everything is a risk and actually…online is alot safer than leaving a paper trail behind you. So please…stop WHINING.
July 18th, 2006 at 13:15
I agree, quit whining.
July 31st, 2006 at 22:18
Lesson to learn : do your homework by reading review like this lending tree review especially if it’s dealing with your privacy. This articles explain what you guys are most concern of. So if you don’t want hundreds call per day dont sign up with Lending Tree
August 10th, 2006 at 15:32
I was saved accidentally. My computer shut me down to do some upgrades. before I went back into the forms I read your story. All I can say is THANK YOU for saving me the headache
August 14th, 2006 at 03:41
I thought Lending Tree was legit right up until I got hard numbers from them. We had been searching for a home for about 3 months and in that time our name was passed to three different customer reps. Turnover must be high! When we had an accepted offer, I was looking forward to seeing what the offers were from all the competing banks, like you see on the website, right? He only quoted me ONE, Freedom Mortgage. Funny how it was the LT mortgage company.
We had already been shopping locally, and the LT “competing lenders” weren’t close. Not by a longshot. 7.35% vs. 6.75%.
August 16th, 2006 at 20:11
Thanks a lot for the review and for all the comments. You guys definately saved me a headache - I just searched for “lending tree review” in google right before filling their forms, in case there was something like this to worry about. Thanks again - they’re not getting my info.
August 19th, 2006 at 04:59
Thank you, I am glad I decided to check up on this company before I went any further. I only have a little time to get a loan and this would have set me back.
Thank you again!!!!
August 23rd, 2006 at 05:29
I’m a Lending Tree lender and here is the root cause of most of the complaints people have about the service:
Your desire to get something for nothing.
I’m an honest mortgage banker and broker, but I have to compete against guys that will lie to you about anything you want to be lied to about. Why do they lie to you? Because your desire to get something for nothing compels you to believe them and not me.
When applying for a mortgage, your financial situation dictates the rate you qualify for. But you don’t want to believe that. Noooo, you want to believe that you can put down no money, have no money for closing costs, so-so credit and still get a 30 year fixed for 5.5%. So you ignore that guy that is telling you the truth (me) and believe the guy that is waiting to jam you with fees and a higher rate at the closing table.
Ya get what you pay for, folks. Except in this business, what you pay will be nearly the same no matter who does your loan.
I’m not sure if this is permitted, but my website details the tricks the other guy will use when he get over on you:
www.no-nonsense-mortgage.com
Ya want good advice and honest quotes, call me (PA, NJ, NY and VA). Ya wanna believe in the tooth fairy, call any random Lending Tree lender.
September 9th, 2006 at 04:45
Thanks so much for posting this! After reading Mark Berner’s post, I am so glad that I did my research before posting anything on LT’s site.
September 22nd, 2006 at 02:48
Well, its been well over a year with I dont’ know how many calls to Lendingtree, realestate.com and homeloand center. They stills end spam e-mail no matter how many times I opt out.
Still a scam, will always be a scam. I would like to know how many people actually get a lender other than home loan center?
September 25th, 2006 at 05:35
This information is old and out of date. I speak from the fact that I am with the company currently and would like to clarify some items. Lendingtree has changed its practice about having the lenders directly contact you. Instead it is now handled by the Lendingtree rep themselves. Information is kept only within Lendingtree so as not to be divulged to the public. I’m sorry to hear that Mr. Woodman had a horrid experience with the company. Frankly from a consumer standpoint, I understand what he must have went through and I know that I would be just as peeved off given all that spam and crap. In fact, there are supposed to be measures in place within Lendingtree to contain repeat mailings for clients who opt out. The ironic thing about this whole article is that Mr. Woodman is happy at the end of his blog that he has given his personal information to a mom-and-pop broker for a loan and suggests that this is a much safer practice? Come on. No company can say 100% that they will keep their client’s customer information private, but are you going to claim a mom-and-pop shop with no IT personnel and security is going to be safer than a Fortune company with a full security staff? Believe me, that broker has Mr. Woodman’s name and info for the next 2-3 years also… and they’re subject to the same internet hacking and sabatoge that pervades the net.
October 10th, 2006 at 04:23
LENDING TREE SUCKS! I had a horrific situation today with them, and guess what, I did read the disclosures and when I got the the send button, I didn’t push it but they took my info anyway! I hit my back brower button to stop the transaction and this piece of crap company took my info and then proceeded to tell me that I had to file a police report to have any of the info removed. They told me a soft hit on my credit report, but guess what….NOT! I was yelled at by an idiot who worked there and then put into a supervisor who told me she would help and then called me back to call me a liar! I am disgusted and when I am done writing this I am filing a complaint with everyone and their brother against LENDING PIECE OF CRAP TREE! Beware, do not use them and don’t listen to the people talking great about them here on this site as they too are big huge idiots who probably help LENDING TREE Commit their fraud!
October 11th, 2006 at 04:43
I understand that at times the attention to your mortgage request may be a bit overwhelming but the brokers/lenders who compete for your business are working hard on those requests and sometimes to no avail. I bet anyone here complaining that you got too many calls or emails never afforded the courtesy to the broker in saying “I just went online to see what rates are and waste your time and I actually am looking for a rate that does not exist. I do not want to do business with you so please forgive me for wasting your time with my worthless request”
October 13th, 2006 at 01:54
Lending Tree DOES NOT share information with its banks. The banks don’t even see the personal information of the potential borrower, all they see is the general demographic, financial and credit information that would allow the bank to make an accurate quote based on that particular customer. THE BANKS DO NOT GET THE PERSONAL OR CONTACT INFORMATION UNTIL THE BORROWER DECIDES ON AN OFFER AND THEN THE FILE IS PHYSICALLY SENT TO THE BANK ITSELF. My guess is that the person who started this blog was looking for an astronimically low rate and had a credit score that wasn’t worth the paper it was on. Americans are used to the 5.25% market and those days are gone!!! Lending Tree gave me the lowest rate around and they did it within 24 hours. Not only that, but my rep was up front about all the fees (title, escrow, appraisal, etc) and hid absolutely nothing. If you want predatory lending then go visit Ameriquest, if you want a good deal and great service then call Lending Tree!
October 14th, 2006 at 18:31
I’m just now finishing the process with a home equity line of credit went through lending tree. I came into this thinking that this sort of loan should have the same rates as my first mortgage. I must have spent 45 minutes on the phone with a lendingtree agent and he axplained every detail about second mortgages and why they typically have higher rates based on higher risk to the banks. I did my homework, shopped around, and at the end of the day no one showed me the time, effort and patience that this lending tree agent showed! Not only that, the rate and fees were even lower than what my local banks quoted, and my credit isn’t even that great. Lending tree was my saving grace. I would encourage anyone looking for a first or second mortgage to at least try them out.
October 28th, 2006 at 06:08
Thanks to google, and your site, you saved me stress. I’m having a hard time with Countrywide/KB right now, looking for an alternative still… will look elsewhere. THANKS AGAIN!
October 30th, 2006 at 07:40
You saved me too. I was just about to click on submit and when I saw all those forclosures listed I thought I better google this company and see what others think about them and I am so glad I did.
Thanks for your help!!!
November 3rd, 2006 at 09:40
Fantastic information! I starting filling out the online form due to the great advertising they do. A thought came out of no where, warning me to be a bit more skeptical and do some research. Low and behold I found this page in a google search and was very interested in the nightmares faced with this loan brokerage firm. I thank you all very much for providing this information that kept me from facing the multitude of credit checks and phone calls. Thanks to google for making this type of research possible.
November 6th, 2006 at 09:47
Too bad we didn\’t discover this info before Lending Tree slipped us off to All Lending Confidence (www.alllendingconfidence.com). As of 11-6-06, ALC stole $1500.00 from two young newlyweds with two small children for a loan that was supposed to be the right thing. Now they\’re out the $$, can\’t make payments they were assured wouldn\’t be an issue once they got their loan and LENDING TREE takes no responsibility. Real nice. . .
November 12th, 2006 at 22:58
Just wanted to say thanks! I was about to try them out as well, but something didn\’t feel quite right. It seemed to easy. So I chose to google them and up came this site. I\’m greatful for it. A couple of comments to those \
November 14th, 2006 at 00:20
LendingTree Sued in Nationwide Class Action Announces Teuton, Loewy & Parker LLP
IRVINE, Calif., Oct. 12 /PRNewswire/ —
IRVINE, Calif., Oct. 11 /PRNewswire/ — The law firm of Teuton, Loewy & Parker LLP announced today that it filed a nationwide class action against LendingTree, LLC and its wholly-owned subsidiary, Home Loan Center, Inc., on behalf of consumers. The class alleges that LendingTree, LLC and Home Loan Center, Inc., which does business as “LendingTree Loans,” have engaged in unfair business practices and false advertising. The complaint was filed in Orange County Superior Court on October 11, 2006.
LendingTree’s familiar slogan is: “When banks compete, you win.” With this slogan, LendingTree styles itself as an online lending exchange that connects borrowers to a network of lenders that allegedly “compete” for the borrowers’ business. The lawsuit alleges, however, that in thousands and thousands of cases there is no such competition at all; rather, LendingTree uses its LendingTree.com website and false advertising to generate leads for its wholly-owned, direct-lending division, Home Loan Center, Inc.
Specifically, the lawsuit alleges that LendingTree’s website attracts over 70,000 potential borrowers per month by touting LendingTree as a loan origination service that is not a lender, and claiming that LendingTree’s “origination” service allows lenders to compete for borrowers’ business. The lawsuit further alleges that LendingTree secretly diverts many LendingTree.com leads to its subsidiary, where unsuspecting borrowers are sold loans at inflated prices based on the materially false representation that “competition” has occurred among lenders.
According to the lawsuit, borrowers are deceived into believing that they need not shop for a better loan rate because LendingTree has already done the shopping for them through use of its lender “network.” In truth, the lawsuit alleges, LendingTree uses the “when banks compete, you win” slogan as a gimmick to attract unwary borrowers and sell them loans through the company’s direct-lending division at inflated prices and without any such competition.
The class action seeks declaratory and injunctive relief, millions of dollars in compensatory and punitive damages, restitution, and attorneys’ fees.
A related lawsuit was filed on September 15, 2006 by Fadel Lawandy, a former mid-level executive of LendingTree who was fired for alleged “insubordination” after he complained about LendingTree’s business practices.
If you have any information about this matter, you may email Teuton, Loewy & Parker LLP at LendingTreeinfo@tlpfirm.com or you may contact the firm as follows: Mark C. Teuton, Esq. TEUTON, LOEWY & PARKER LLP 3121 Michelson Drive, Suite 250, Irvine, CA 92612 Tel: (949) 442-7100 Fax: (949) 442-7105 www.tlpfirm.com
Teuton, Loewy & Parker LLP (”TLP”) is a Southern California law firm. TLP is actively engaged in complex litigation, including class actions brought on behalf of consumers and employees. TLP’s capabilities in these fields are based upon the talents and extensive experience of its attorneys, who have litigated class actions in state and federal courts throughout the country.
Teuton, Loewy & Parker LLP
CONTACT: Mark C. Teuton, Esq. of Teuton, Loewy & Parker, +1-949-442-7100,
or fax, +1-949-442-7105,
Web site: http://www.tlpfirm.com/
November 15th, 2006 at 21:39
I am yet another victim of Lending Tree. I have a dozen inquiries on my credit report generated by Lendiing Tree sharing my data auto loan lenders. I have worked for 6 months to get these inquiries removed. I have been sucessful with only a few. Most just say, Quote Lending Tree gave us your data, you must have given them permission for us to run your credit Close Quote. Lending Tree misrepresents their service making it seem that your credit will be run once, when it will be run over and over by anyone who will pay for your info. It cost me my credit rating. I can not get the home improvement loan I want because my FICO score dropped almost 50 points. I have wasted countless hours on hold, writing letters, and making threats. Bad service is one thing, but I feel used and abused. My house is being eaten by termites, my roof is starting to sag, and I can\’t get a loan to fix it. When banks compete you win a big fat pain in the ass - Lending Tree! LendingTree Sucks!
November 20th, 2006 at 07:45
Thanks so much for this page, I have been looking into using Ltree for some time. 5! times now I have started the process and wimped out about 5 pages into, the page where you put your SSN in. Everytime I back out and look around more. This time I was almost ready to pull the trigger. But I stopped on the SSN page and did another google search. I found this page and started reading, a few pages into it was enough for me, no Lending Tree for me. Thanks so much.
December 25th, 2006 at 21:13
I’m sorry to hear about all of your horror stories, and I am pleased to say we don’t have one and my family and i are happy to have the dream house we’ve waited for.
Kim
January 2nd, 2007 at 12:20
I had heard that many clients using Lending Tree for their mortgages always found themselves paying higher rates and closing costs from other agents in my office. Today I found out that they offer \
January 12th, 2007 at 13:16
We just recently refinanced with Lending Tree and were very happy with the whole process. We got a better rate than anyone else could offer us, everything was handled very quickly, no problems.
January 15th, 2007 at 20:38
Chris, you just got robbed. There is no way you got a better rate from LT than anyone else could offer you. They have a 2 to 3 yield spread built into their rate. Any broker could have gotten you a better offer. Sorry, I use to work there and I know how their whole operation works. The lawsuit is legit and they will end up losing a lot of money.