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How a LendingTree Mortgage Functions. A customer looking for a home loan has a few choices.

How a LendingTree Mortgage Functions. A customer looking for a home loan has a few choices.

They can search well for a bank that is local credit union. He is able to go surfing and submit a credit card applicatoin with an agent, whom then puts the mortgage with among the lenders that are wholesale their community. An alternative choice is by using solution such as for example LendingTree.

LendingTree is certainly not a home loan loan provider or broker. Instead, it’s a third-party solution that has a debtor’s information and submits it to numerous bankers and agents within its vast system. These businesses then compete for the debtor’s company. LendingTree’s feature is the fact that competition drives down rates, therefore mortgage bankers and agents offer reduced prices and charges once they understand they’ve been in direct competition with a few other people.

The LendingTree Process

The step that is first receiving a LendingTree home loan would be to sign up, either from the organization’s site or by calling its 800 number. The application form asks the standard questions a debtor discovers on any mortgage application. LendingTree desires to understand a debtor’s earnings, assets, debts, career, and amount of time at their job that is current Social safety quantity (SSN) so a credit file could be taken.

LendingTree will not process a debtor’s application in-depth, nor does the business make any approval decisions it self. Typically, LendingTree runs on the debtor’s SSN to have their FICO score, and it also utilizes this information to find the loan providers to which it submits the applying.