New Match-Making Mortgage Website Sends Borrowers to Local Lenders
Kansas City web agency Red Nova Labs this month is launching LenderStreet, an online search engine that matches mortgage borrowers with local lenders. John McGuire, formerly a division president at First Horizon Home Loan Corp, who bought telemarketing leads from LendingTree, will serve as LenderStreet president. He likens the website to a dating service for the mortgage finance industry, calling it a "huge win" for the retail lending business. "I know [LenderStreet] is going to work because it is so unique," McGuire said in a statement. "It doesn’t exist today, and consumers and lenders really need it because it solves the purchase conundrum. When consumers buy a home, they want to experience the mortgage lending process locally." Prospective mortgage borrowers visiting LenderStreet are matched with local mortgage lenders based on a survey of 14 loan-specific criteria. The site does not require visitors to supply any personal information, and prompts them to pick the preferred method of contacting the loan agent. "We locate and direct purchase transactions toward [lenders], and we help actually get people to their website, or, generate a phone call, because that’s an even more powerful personal connection," McGuire said. Write to Diana Golobay.