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How do online lenders offering competing loan quotes work?

April 26, 2017Competing lenders loan offering online quotes

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How do online lenders offering competing loan quotes work?

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Any mortgage company, good ones and bad ones, can pay a high fee to “join the club” in order to be referred to you. They have no obligation to deliver on their rate quotes and they try to recoup their high “club” fee through you. Most of our business, however, is from referrals based on past superior customer service and low interest rates so it is not necessary for us to join an online costly lead generation system.