Lenders Line Up for New Business
As mortgage rates hovered near historic lows for much of Q109, keeping borrower demand strong, 50 mortgage lenders joined the lender recruiting network at LendingTree, an online lending exchange service. LendingTree matches thousands of high-quality borrowers to four banks, which then compete with one another for the loan business. The lead generator provides banks with the customers that fit their portfolios while freeing up the time they would have spent marketing to focus on the part of the process they specialize in: closing loans. "We continue to see incredible opportunities to help borrowers find the home loan that is right for them, and offer lenders a more profitable and targeted solution to expand their customer base and close more loans," says Bob Harris, president of LendingTree's exchange service, in a media statement today. Write to Diana Golobay.