It's not only buyers, but competition is toughening up among lenders too as they pull out all stops to reach potential borrowers this homebuying season, some more so than others. According to an analysis by Kantar Media, the mortgage lender, Quicken Loans, and mortgage comparison site, LendingTree, were among the top spenders for television ads and paid searches respectively between March 1 and May 21, 2018.
Analyzing the top spends for ads by mortgage lenders, Kantar Media found that Quicken Loans spent $57.3 million on network, cable, syndicated and spot TV ads, accounting for nearly 70 percent of total spend across all 334 advertisers that sponsored home mortgage commercials during this time period. Quicken Loans’ closest competitor during the period was Navy Federal Credit Union, which spent approximately $5.9 million, according to the analysis. AAG ($1.7 million), Ally Bank ($1.5 million) and Cashcall Mortgage ($1.3 million) rounded out the top five advertisers.
When it came to paid searches, LendingTree led the pack with 28.2 percent of all clicks on 116 non-branded mortgage-related keywords. Quicken Loans gained a 19 percent click share, followed by Bank Rate (12.6 percent) and two review sites that are paid on a per lead basis by advertisers, ConsumersAdvocate.org (10.2 percent) and Top10MortgageLoans.com (6.4 percent).
The analysis indicated that Quicken Loans was the only advertiser that had a strong presence in both television and paid search advertising. Navy Federal Credit Union and Ally, gained 0.7 percent and 0.4 percent click share respectively during the period, while CashCall Mortgage and AAG had little to no paid search spend.
Here's a video of the latest ad by Quicken Loans: