Unfortunately for the consumer, the chief accomplishment of internet for mortgage lending has been its ability to disseminate personal information (leads) to multiple financial institutions.
With the direct to consumer mortgage business continuing to whither from its 2003 apex, this industry and its supporters are ailing.
Lowermybills, just announced via a letter to their lender network, that they increase the amount of times a lead can be sold to 5.
How that can be good for anyone except LMB, I'm not quite sure. In fact, word on the street has it that major mortgage lenders are pulling back from their lead buying. Who knows where their quest for profitability in uncertain markets will lead them next.
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