Borrowers Complain Of LendingTree.com Siting Experience

There are couple of things we found about Lendingtree.com. The first is that borrowers prefer local face to face contact and some kind of a rapport with the lender as they start their mortgage application quest. Some have said that they have found Lendingtree's approach to be cold. In the following Twit Chikacherrycola writs to nikkabug that they have "found that online lenders don't look as good to sellers as local lenders, especially for first time buyers. No lendingtree.com!"

Prunella twits "More reasons lendingtree.com sux: you cannot close your account." She tried to get back to the online mortgage lender using its customer feedback form but became unsuccessful and writes the following "Their customer services feedback form is even worse. Forced me out of the system before I could complete it."

Apparently, indeed you can't close your Lendingtree.com account and this has become a subject for being covering in other websites as well. In a story titled "Want to close your LendingTree account? Sorry, no can do" the writer publishes an account of how impossible it is to close a Lendingtree.com account so you don't have to worry about your personal information that you have shared online.

Thinking about putting LendingTree.com to work for you (you know, the "When Banks Compete You Win" folks)? Think again. Tried the service for a car loan and when they couldn't find anyone that wanted to loan me anything (which is a frightening glimpse into the state of the financial world since I have little debt and an excellent credit history) I went to close the account.

Them: The information is completely secure and nothing will happen to it.

Louie Latour, who specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders writes to home buyers to Beware Lending Tree When Refinancing Your Home Loan.

When you go to Lendingtree.com you may be under impression that the service is free. The word FREE appears at least three times on the home page. Therefore it's only partially free that Lending Tree does not charge you for their services.

Latour says in the same place "to understand how companies like Lending Tree make their money, click on the licenses and disclosure link at the bottom of their web page. Scroll down a bit and you’ll find a section entitled “GFE Addendum – Disclosure and Fee Acknowledgment."

"The Good Faith Estimate Addendum discloses the “Computerized Loan Origination Fee” you will pay when closing on your new mortgage. Your lender will charge you up to $1300 for filling out Lending Trees form. This is the fee you pay for using Lending Tree to find a mortgage loan. While Lending Tree is not charging you this fee directly, had you gone to the mortgage lender's website directly you would not be out of pocket $1300 at closing.

"Lending Tree isn’t the only big named website that charges this hidden fee. How can you avoid paying “Computerized Loan Origination” fees? Do your own research and go directly to lenders websites without using a third party portal like lending tree. Closing costs and origination fees are expensive enough without third party companies like Lending Tree bilking you out of your hard earned money."

Tonylechner twits an opinion "Avoid LendingTree.com. Filled out their car loan search form, started getting calls from shady lenders saying I'd applied for their loans."

In this article we tried to gather the warning signs that we have read about Lendingtree.com on the internet. While the business model of the Lendingtree.com is really good, there are areas in their service that the company needs to work on to become more personal and build more confidence with the potential borrowers. If this is the right, indeed, "when the banks compete you win."