LendingTree Blooms With Priceline.com
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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."
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.