Feeds

Google's move into mortgages spawns lawsuit

Sub primes are us

New hybrid storage solutions

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. ®

New hybrid storage solutions

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.