LEADCRITICMortgagebot Set To unveil Mortgage Marvel
Filed Under: Mortgage Marvel, Leads 2.0, consumer experience, Lead Generation, Mortgage & Real Estate
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I am really beginning to feel the winds of change in the lead generation space. In the last few post I covered Smarthippo which combines the feel of a social network, a rate comparison engine and a lead generation site. More recently there has been another addition to the “consumer controlled” rate comparison party. Now I have been monitoring this company for the last few months because I noticed a little buzz brewing. Well now it seems they are going to unveil what they have been working on at the FINOVATE conference.
Mortgagebot is primed to unveil their new platform, Mortgage Marvel. Mortgage Marvel’s goal is to improve the consumers experience when shopping for a mortgage. They claim to be the only online mortgage shopping website that delivers real-time quotes from multiple lenders in complete privacy. Mortgage Marvel allows a consumer to compare rate, fees and closing costs and then directly apply online. They also claim that you could have an approval in 30 minutes.
Taken from the Mortgage Marvel website:
Why you can trust Mortgage Marvel.
We see it like this—if you can accurately research a pair of shoes, a refrigerator, or a new car without disclosing everything about who you are, then why not a mortgage? So we built a site that we’d want for ourselves. Mortgage Marvel and the visionary lenders we present believe you deserve all the information you can possibly have right from the start.
Unfortunately that does not answer the question at all. In fact, that makes me think that they are really nothing more then a Bankrate only with the addition of the ability to apply online. They also say that no personal data is required, only loan amount, property value and zip code. With the limited amount of data collected the question has to asked: Are consumers being led to believe that the rates they are choosing can actually be attainable?
The winds of change are increasing, but I truly wonder if many are simply reinventing the wheel and simply using the buzz words we discuss here so often.
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ConsumerControl | Oct 2, 2007 | Reply
Worth mentioning that Mortgage Marvel is currently only open to lenders that are customers of MortgageBot.
There seems to be a lot of room for shady bait and switch practices with the little amount of data they are collecting to “qualify” a prospect.
freeratesearch.com seems to have a similar model, albeit they have a limited roll out but they do have a more in depth qualification form.
John Challis | Oct 2, 2007 | Reply
This does not sit well with me: “We see it like this—if you can accurately research a pair of shoes, a refrigerator, or a new car without disclosing everything about who you are, then why not a mortgage?”
The obvious answer to those of us in the industry know it is because the price of a pair of shoes or a refrigerator does not change based on your credit history. Neither does a car, for that matter, but certainly the financing that you are able to attain to purchase the car does. This seems like an over-simplification that will prey on the less-educated and inexperienced buyers. Seems like an invite for the bait-and-switch lenders.
Mike | Oct 8, 2007 | Reply
Just got through looking over their program. It’s nothing more than another lead aggregator pretending to be something else. Throw in a bunch of different rates and fees to confuse the public so they can’t figure out one lender from the next. Only this time they added a direct link to apply. Definitely not enough information required to get an accurate quote, but then again, no one else gives accurate quotes so why should they.