Mortgage Licensing Shuts Down Some of Google’s Lead Plans

Google (NASDAQ:GOOG), which has been allowing users to search for mortgage products through its Google Advisor search platform, has cut all but five states from its mortgage search capabilities, according to lead blog Lead Critic. The lead provider and search giant came under examination from state regulators and upon the determination that Google lacks the proper licensing, it has suspended its coverage to the vast majority of states.

It could be good news for other mortgage rate table competitors while Google takes the time to obtain licensing in the states that require it.

A spokeswoman for Google Advisor, which launched its comparison ads program in 2009 and got into the mortgage leads business earlier this year, told RMD she was not able to comment on the matter. However, in a search for mortgage rates in several states, a message pops up informing users that the Google Advisor mortgage rate product is not available at this time for those states.

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An independent study from Leads360 showed consumers using Google’s comparison ads converted better than any other lead provider.

Written by Elizabeth Ecker

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  • It seems as if compliance violation exposure will only grow for all Social Media and other Internet mortgage advertisers as monitoring software used by regulators and enforcement agencies and bureaus becomes more prolific, sophisticated, and cost effective.  Soon it could become like automated traffic violation monitoring at busy intersections.

    When that day comes and it will, somewhat like traffic monitoring, compliance violation monitoring will be a real moneymaker with little sympathy or mercy from agencies and bureaus for violators.  This will become a particular problem for lenders with originators who abandoned websites with ANY former lender information in the ads.

    This seems like a ripe source of revenue for cash strapped agencies and bureaus.  Imagine the revenues which could be generated.  Better to be prepared than sorry.

    If your social media advisor has not been preparing you for this eventuality, it is past time to be looking for a new one.  How much longer do you think it will be before this will become a reality?

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