Wachovia Bank Adds Online Loans
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Wachovia, an interstate bank holding company with assets of $64.1 billion, will offer loan applications on its Web site, utilizing LendingTree's software and services. The company expects to begin offering mortgages and auto loans late in the first quarter, followed by home equity lines and loans, personal loans, small business loans and credit cards.
Also under terms of the agreement, Wachovia will have access to The LendingTree Network, which collects loan requests from consumers and matches borrowers with the lending criteria to participating financial service providers.
"The Internet is a powerful origination channel and lenders realize the need to get online before they miss the market opportunity," said Doug Lebda, chief executive officer and founder of LendingTree.