LendingTree Launches LoanExplorer, the Company’s Entry into the Mortgage “Rate Table” Business
CHARLOTTE, N.C., (March 11, 2013) — LendingTree, LLC, the nation's leading online source for competitive loan offers, today announced the launch of LoanExplorer, an advanced second generation loan marketplace, designed specifically for consumers, lenders, and publishers. LendingTree also announced the launch of its reverse mortgage product available on LendingTree.com.
With LoanExplorer, consumers can access a real-time, informative mortgage shopping experience by anonymously comparing loan offers side by side, including loan product details, costs, and rates based on their individual financial situation. After comparing offers on LoanExplorer, borrowers have the option to connect with the lenders that best match their needs through a toll-free telephone number displayed by each lender or by contacting the lender electronically.
For lender partners, LoanExplorer will deliver potential borrowers using multiple channels, thereby improving conversion rates and expanding reach. Lenders will be able to display their brand, logo, products and services along with rates and fees that are relevant to the consumer's requirements.
"In addition to being a best in class tool for consumers, LoanExplorer will dramatically improve customer acquisition economics for lenders," said Doug Lebda , chairman and CEO of LendingTree. "LoanExplorer gives lenders access to the highest-intent mortgage consumers, leveraging a unique real-time rate marketplace to deliver top-quality consumers. By integrating cost per click, cost per lead, and cost per call products into one platform, we are able to offer publishers improved monetization compared to our competition."
Consumers can now compare reverse mortgage options from lenders on LendingTree.com. Like other LendingTree cost-per-lead products, lenders pay a fee for each referral and consumers can compare options from up to five lenders for free.
"Launching these two products is part of our ongoing revenue diversification strategy leveraging the LendingTree brand," continued Lebda. "Our ability to quickly and cost-effectively launch these new products is a testament to our ongoing improvements in product and technology."
For Lenders interested in learning more about LoanExplorer or Reverse mortgage, visit www.lendingtree.com/about/partner-with-us/register or email [email protected].
About LendingTree, LLC
LendingTree, LLC is the nation's leading online source for competitive home loan offers, empowering consumers during the mortgage, refinance or auto loan process. LendingTree provides an online marketplace which connects consumers with multiple lenders that compete for their business, as well as an array of online tools and information to help consumers find the best loan. Since inception, LendingTree has facilitated more than 30 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com, dial 800-555-TREE, join our Facebook page and/or follow us on Twitter @LendingTree.