In some news for internet-based lenders, Google has suspended its rate search and lead generation tool in all but four states and the District of Columbia.
I am always the last to hear, but although it made news yesterday, the “scaling back” of Google Comparison Ads took place on 11/21.
Mortgage rate searches from Google are still available in Alabama, Alaska, California, Pennsylvania and Washington D.C.
Supposedly Google is preparing a reboot of the service (by hitting control, alt, delete perhaps?).
“It was explained to me as being a temporary transition to allow them to better focus in on a smaller market and then once they’ve proven out the enhancements that they want to make, they want to thoughtfully broaden it back to the stage where it is national again,” Bruce Backer, the president of LoanSifter, explained.
Full story on Google’s mortgage strategy from National Mortgage News below.