On the heels of its successful name-your-price airfare and hotel service, Priceline.com Inc. Wednesday expanded its real estate offerings by partnering with Alliance Capital Partners for name-your-price mortgages and other homebuying services.
Under terms of the agreement, Alliance’s Mortgage subsidiary will provide loan decisions at Priceline.com’s mortgage area. Alliance Mortgage is an approved Fannie Mae seller, and will provide Fannie Mae’s Desktop Underwriter automated underwriting system. The online use of automated underwriting tools will allow customers to be approved faster and with fewer limitations than competing lending services, the firm said.
Priceline.com (PCLN) launched its mortgage services in February in conjunction with LendingTree, but said Wednesday’s agreement with Alliance bulks up its home financing services.
“Given the enthusiastic response to priceline.com’s initial mortgage offering through LendingTree, it’s clear that many consumers want a name-your-own-price option for obtaining home mortgages and other loans,” said Richard S. Braddock, chairman and CEO of priceline.com. “We look forward to working with Alliance and LendingTree as we expand this exciting product line for priceline.com.”
Priceline.com operates on a name-your-price system, in which customers can negotiate a certain price they are willing to spend on airline tickets, hotel accommodations, new cars and home financing.