RealTime IT News

LendingTree Blooms With Priceline.com

E-commerce firm priceline.com and online loan center LendingTree, Inc. today announced a strategic partnership designed to unite online buyers and sellers.

Scheduled to begin this fall, priceline.com said it will "enable consumers to name their interest rate and terms for home mortgages by combining priceline.com's unique, buyer-driven e-commerce system with the strength of the LendingTree Network."

The priceline.com/LendingTree alliance will produce a home mortgage service designed to let consumers name the interest rate and terms of their home mortgage, the companies said. Once a borrower names terms on the priceline.com site, LendingTree's proprietary software routes the information to the lenders most likely to meet the borrower's terms. Financial details were not disclosed.

"Successful e-commerce, whatever the industry, requires two components buyers and sellers," said priceline.com chairman and CEO Rick Braddock. "Priceline.com has demonstrated that our name-your-own-price model has the potential to attract huge numbers of consumers across a wide range of industries. Now, with our LendingTree alliance, we can guarantee those buyers a broad selection of lenders and financing options on our first day of service availability."

Priceline.com recently received a patent for its name-your-price e-commerce service, and reportedly collects more than $15 million in credit-card guaranteed demand each week from online consumers. It also recently named Braddock, a former Citicorp president, as its new CEO.

LendingTree, founded in 1996, said it has in place the LendingTree Network, a group of name-brand financial institutions supplying all types of consumer credit products to online borrowers.