Wachovia Bank Adds Online Loans

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.


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