LendingTree suit claims Google planning loan aggregator service
27 August 2009 | 6119 views | 0
Google is about to enter the online mortgage loan aggregator market, according to LendingTree, which is suing a technology vendor it claims is working with the search giant.
LendingTree acts as an online loan exchange, helping connect borrowers with multiple lenders that compete for the business.
The firm has filed a lawsuit against Mortech, whose technology helps automate lender offer pricing, accusing the vendor of violating contractual covenants by partnering with Google to launch an online mortgage loan aggregator service similar to LendingTree.
The suit says LendingTree has obtained screenshots of a trial version of Google's offering.
In a statement given to the New York Times, Google says it is "working on a small ad unit test that will run against a limited number of mortgage-related search queries in the US".
The LendingTree motion calls for a temporary restraining order and preliminary injunction enjoining Mortech from assisting Google. A hearing has been scheduled for 2 September.