Google to end its mortgage tool in March
NEW YORK – Feb. 25, 2016 – Google's venture into helping consumers shop for mortgages has been cut short. The search giant announced that four months of launching an online comparison-shopping tool for mortgages, it will end its Compare service this spring.
The site will be shut down by March 23.
In November, Google announced that it was adding mortgages to its Compare service, which allows users to compare mortgages and search for the best deal. Google launched the site by partnering with the Zillow Group and LendingTree. Compare was not available in every state.
But in a recent e-mail to partners, Google said that Compare wasn't as successful as hoped, and its revenue for the service had been minimal, despite search activity on the Compare tool remaining "high."
Google says it intends to focus more on its AdWords business and other future innovations to better serve customers on their finances or investments.
Google is also closing its UK operation of the tool, which has been available since 2012.
Source: "Google Is Closing Its Online Comparison Shopping Product Just One Year In," TechSpot (Feb. 23, 2016) and "Google Shuttering Mortgage Comparison Tool," HousingWire (Feb. 23, 2016)© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688