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
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.