Quote from @Jason Wray:
Kathy,
When you use those websites you are getting stuck with a small list of lenders that sign up on their website and services. So essentially whom ever is paying them or they single out is the lender you get stuck with and it may not be the best one. It's the same thing when you put your info on sites like Zillow, or Redfin looking for a home.
You are only going to get the realtors or lenders who are signed up with the website. That does not mean you are getting the best one unfortunately. It's a very lucrative business to start a website and drive traffic to then turn around and sell the leads to realtors or lenders. There are thousands of websites out there that are disguised as helping the public find the best of the best but at the end of the day its simply taking your info and selling it to a 3rd party as a lead.
If you are trying to buy a home or an investment property and you have good to excellent credit you should always use an FDIC Bank or Credit Union. A lender is the middle man who will sell your loan to the big banks and in most cases charge you points and higher fee's to support the branch and loan officers commissions.
If you are trying to compare fee's or rates this forum is great for helping with that type of question. Just keep in mind each persons situation is completely different and small things can make a big difference in rates, fee's points, terms, etc.
But in terms of the company you asked about a quick search shows there are a lot of people that are not happy with the service.
I'll assume the best of Jason's response as lumping Loanbidz in with large, impersonal lenders. I get it, and in those cases, Jason would be absolutely correct.
I will address the absolute that he did throw out as they are simply incorrect. We don't have ANY lenders that pay to receive loans. I'm aware of this model just as Jason is BUT it isn't the model that we follow. Our one and only goal is to get the best loan placement for our clients no matter what lender it is.
As you can see from our teams response on this thread, we are VERY engaged with our company and clients EVERY client matters, so you can understand when someone speaks poorly of our shop, especially when incorrect, they take it pretty personally.
Second, you mentioned "a lot of people" who are not happy with our service. I don't know if you are referencing our 4.7 star rating on Google or 4.8 on BP or our 74 NPS rating over the ~1,200 loans we closed last year, but our customers are pretty clear, Loanbidz customers are very well taken care of.
Again, happy to assume the best out of that response, but I hope that this can clarify some of the things that were simply incorrect.
As a side note, FDIC insurance protects depositor money, not debt. That shouldn't necessarily be a differentiator when choosing a lender, as evidenced by the boom of the DSCR lending industry....non of which are FDIC insured. (yes, some of the Non-QM lenders that do DSCR have FDIC-insured deposits BUT the large, private lenders that have thrived in DSCR over the last few years are not FDIC-insured lenders).