RealTime IT News

Citibank Joins LendingTree Network

The LendingTree, Inc., an online loan center that connects borrowers to a network of lenders who bid for their business, said Citibank has joined its network of lenders.

The LendingTree Network said it now has a total of 21 lenders and has seen traffic increase by more than 40 percent recently.

"Borrowers know that our network includes top lending institutions such as Citibank and they know they will get the most competitive rates and best customer service from The LendingTree Network," said Doug Lebda, CEO and founder of LendingTree.

Citibank offers a full range of loan types, including personal, auto, mortgage, home equity, credit cards and debt consolidation.

In addition to Citibank, Advanta Corp., a financial services company that is one of the nation's largest sub-prime lenders, and Altus Mortgage Corp. have also joined the network.

LendingTree features proprietary filtering software that enables the lender to profile the borrower they want based on criteria ranging from geography to credit score and make an underwritten offer that matches the terms to the specific credit risk. This way, lenders only receive applications from borrowers who meet their lending criteria--saving time, money and manpower.

Citibank has a network of 430 branches in nine states and the District of Columbia. It is a subsidiary of Citigroup, which was formed by the recent merger of Citicorp and Travelers Group Inc.