Feeds

Google's move into mortgages spawns lawsuit

Sub primes are us

High performance access to file storage

Google's possible move into offering competitive mortgage quotes has sparked a lawsuit.

The search engine giant is allegedly in talks with Mortech, a provider of technology that helps automate lender offer pricing. Mortech already supplies this pricing engine technology to LendingTree, which is far from pleased at the prospect of its partner getting into bed with Google to offer a competitive loan aggregation service.

LendingTree, which offers consumers conditional loan offers as well as mortgage quotes, sued Mortech over alleged contract violations. In a statement, LendingTree explained that it called in its lawyers after failing to resolve the case amicably. The lawsuit seeks a preliminary injunction preventing Mortech from assisting Google.

A hearing before the US District Court for the Western District of North Carolina (website) has been scheduled for 2 September. Dockets on the case can found here, though it requires a subscription to the US Court's PACER system.

Google is allegedly poised to offer loan quotes online almost immediately (at least in the US), The New York Times reports.

LendingTree has reportedly obtained screenshots of a trial version of Google’s service that shows how the search giant plans to present loan offers alongside contact information for various financial services firms.

Google, which is not a party to the suit, responded to the NYT's queries by saying it was looking into the competitive mortgage quotes business, at least in the US, without giving too much away about its product plans.

"We’re constantly looking for new ways to help people find what they are looking for on the Internet. As part of that effort, we are currently working on a small ad unit test that will run against a limited number of mortgage-related search queries in the US," it said.

Google Merchant Service experimented with a service in the UK that allowed customers to compare loan offers after submitting information about themselves last year, the New York Times adds. ®

High performance access to file storage

More from The Register

next story
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Nokia offers 'voluntary retirement' to 6,000+ Indian employees
India's 'predictability and stability' cited as mobe-maker's tax payment deadline nears
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
France bans managers from contacting workers outside business hours
«Email? Mais non ... il est plus tard que six heures du soir!»
Adrian Mole author Sue Townsend dies at 68
RIP Blighty's best-selling author of the 1980s
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Analysts: Bright future for smartphones, tablets, wearables
There's plenty of good money to be made if you stay out of the PC market
prev story

Whitepapers

Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.