Speculation is increasing that Google will begin offering mortgage quotes online as early as this month. The service is rumored to resemble that offered by Lending Tree, which allows borrowers to quickly receive quotes and compare offers from a variety of mortgage companies. The buzz has begun due to a lawsuit filed by Lending Tree against Mortech. Lending Tree alleges Mortech has agreed to make its technology available to Google, allowing Google to launch this product in competition with Lending Tree, which is a violation of the contract between Lending Tree and Mortech.
It remains to be seen whether or not reverse mortgages will be affected by or included in Google’s new product. However, Google offering mortgage quotes would likely have an affect on the mortgage industry due to Google’s large market share.