The Comments on this article deserve your review; please read them. A friendly reminder: Don’t do business with companies that offer you multiple quotes.
When we feel it important, we bring forward previous articles for your convenience. the comments on this article are an example: Larry Cragun
Multiple quotes sites transform you. Not from a frog to a prince, but to a lead. You will be a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead and a lead….. Get the point. Or maybe that is ok. I know a guy who likes soliciters to call. Maybe that is you? Nah.
Our wall of leads:
She is cute, talks nice, but still transforms you into a lead.
Does that make her a witch?
Had enough?
Brilliant!. At the time Internet mortgages really started to boom (2000) I was working for a web design company that catered to mortgage brokers. The company built one of these sites, and the apps started flooding in. The leads were being distributed to any mortgage company willing to pay for them. We sold to 4 companies per lead. Soon we realized that half the companies buying were in fact other lead companies. Then I began to think about the bar set on selling this credit information. It was basically, anyone who said they were a mortgage company. There’s no doubt in my mind that hundreds, if not thousands of these leads were likely sold to credit thieves.
We had the best of intentions selling this program, but I think it may of done quite a bit of harm as well.
Thanks Todd. I am adding you to the faitful 25.
[…] Larry Cragun of MortgagesUndressed has a great bit of advice for consumers that we all should relay. Don’t do business with companies that offer you multiple quotes. It reminded of me of a past experiencee I had working for one of these companies. […]
I talk to borrowers that get calls for months after filling out one app.. My favorite is when calling on someone who has “requested” mortgage information, they claim “I didnt need a mortgage I was only interested in the chance to win the free IPOD”
Lowermybills is a perfect example and though I have no proof others have done this I have caught Lowermybills doing it. They swear they dont offer incentives to intice people to fill out the “loan requests”. What they do is they also buy leads from “affiliates”, these affiliates do offer incentives. They also do all the spam etc., then collect “affiliate” fee’s from lowermybills. So when lowermybills pawns off the lead for 20 bucks to the unsuspecting broker,they can still claim they dont spam, offer incentives, etc.. Pretty simple process for them, let someone else do the shady business practice, all the time profit from it and dissaccociate yourself from them.
Good comments, i am moving this article forward because of them. lar