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