Lawsuit Involve Mortgage Websites

Two mortgage websites are being drawn into a lawsuit over allegations that they do not live up to their advertising. One site has already settled, while the other is ready for a fight.

Two websites that have become common knowledge when people want to look for the best mortgage rate. On these sites, people looking to buy, refinance or take out a home equity can go on and have lenders competing for their business. But new lawsuits are accusing the sites of misrepresentation. One website has settled their case, which alleged that lenders it was affiliated with did not make good on rates promised, last month, paying out over $3 million but not acknowledging any wrongdoing.

The other website was accused of misleading people with their own advertising, which states that lenders will compete for the person�s mortgage business. The suit says that the website sends some of this information to their own lender instead of allowing other companies to make bids. The website replied that, while some of the leads do go to their own lender, the person is made aware that this is happening, and can opt to have the information redirected to their website. The company is ready for the legal battle, saying they will not settle out of court at this time.\r\n