Google has launched a mortgage lead generation service.
The Mountain View, Calif.-based search engine noted in a blog posting today that it is testing comparison ads at its AdWords unit. Advertisers use AdWords for paid listings on search engine results.
Ads that are displayed include pricing from multiple lenders along with the option to choose purchase or refinance transactions. Once users click the ad, they are taken to a page with more detailed sponsored results.
At that point the prospect can choose to click a specific offer or refine the search and provide more details, such as income and home value, which generates even more targeted ads.
After a suitable offer is located, the prospective borrower can either call the lender directly or request a quote. If a quote is requested, then the lender receives a temporary phone number that allows a direct discussion with prospect without providing any identifying information like the borrower’s name or actual phone number.
At that point, the loan prospect can choose to provide personal information to the lender.
The lender pays when a quote is generated or a telephone call is made.
The comparison ad system reportedly prevents teaser rates or bait-and-switch offers.
“With comparison ads, you can also target your offers at a more granular level, leading to more valuable, qualified leads,” the posting said. “Comparison ads shows targeted offers in less than a second. There are no long forms for users to fill out.”
The new service will initially be available to a limited number of advertisers in only a select group of states.
In August, LendingTree LLC filed a lawsuit against Mortech Inc. claiming that a deal between the Lincoln, Neb.-based technology firm and Google violated covenants of a contract between LendingTree and Mortech. But that lawsuit was dropped three weeks later — apparently paving the way for today’s unveiling.
