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RealTime IT News

Lycos Signs Mortgage Vendor E-Loan

In what marks the latest in a slew of similar deals involving the new "Web networks," Lycos, Inc. announced today that Internet mortgage provider E-Loan will become its official loan merchant.

E-Loan will be located in the Lycos Real Estate Web Guide, providing loan information, interest rates, and mortgage comparisons for both first and second mortgages.

Lycos said E-Loan will also be accessible from its Internet-gateway home page and as part of a new Lycos Loan Center. Financial terms of the agreement were not disclosed.

"E-Loan's alliance with Lycos demonstrates both of our firms' commitment to provide the absolute best experience for the Lycos user going through the real estate process or in need of loan services," said Janina Pawlowski, CEO of E-Loan, in a statement.

"The integration of E-Loan technology into the Lycos site and the enhancement of the Real Estate Web Guide will help further the cause of making the Internet the first place people think of when they want to get a loan."

In other Lycos news today, the company's Lycos Bertelsmann European venture signed a $5.5 million agreement with CDnow, Inc. for music retail sales. The deal follows an exclusive $18 million agreement signed with CDnow last week involving retail sales on both the Lycos and Tripod networks.

Lycos' stock shot up recently after the company also announced a round of five business agreements made in March that amounted to over $30 million in e-commerce, advertising, and sponsorship fees.