LendingTree: Difference between revisions
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{{Infobox Company |
{{Infobox Company |
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| company_name = LendingTree |
| company_name = LendingTree |
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| company_type = [[Limited_Liability_Company|LLC]] |
| company_type = [[Limited_Liability_Company|LLC]] |
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| company_slogan = When Banks Compete, You Win |
| company_slogan = When Banks Compete, You Win |
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Revision as of 18:27, 23 February 2007
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| Company type | LLC |
|---|---|
| Founded | Charlotte, North Carolina (1996) |
| Headquarters |  Charlotte, North Carolina, USA |
Key people | Doug Lebda, Founder Tom Reddin, CEO |
Number of employees | 2,491 (2005) |
| Website | www.lendingtree.com |
The LendingTree Story
While working as a Certified Public Accountant for PriceWaterhouseCoopers, Doug Lebda decided he'd like to purchase a small townhouse. Even though he was knowledgeable about personal finance, he quickly grew frustrated with all the effort involved in researching interest rates and shopping among various banks and lenders. The whole process was more time-consuming and complex than he'd anticipated.
There had to be a better alternative to the "pounding the pavement" method of financing a home...a way in which consumers would be better served, placing the power in their hands as opposed to those of the lenders.
After giving the situation a little thought, Doug came up with an idea. Why not create a way for banks to compete for their customers' business, instead of customers having to do all the legwork in order to find the best deal?
So, in 1997, Doug teamed with his wife, Tara,and formed a company to do just that. Later, Jamey Bennett and Robert Wilson, joined the company. The original Web site was quite different from what you see online today. Behind the scenes, Doug did all the leg-work for the consumer - contacting banks and lenders himself on behalf of his customers.
From this tiny, in-home business grew what would become a multi-million dollar business - www.lendingtree.com - which went live in 1998. Capitalizing on the power of the Internet, Doug created an online lending exchange that could quickly and easily match borrowers and lenders, empowering consumers to choose from multiple offers. But Doug stuck to his original concept - keeping the process simple. Today, borrowers complete one secure, online form. Based on the customer's criteria, they are then matched with lenders who can provide the best offers.
The result? A win-win situation for both borrowers and lenders. Today, eight of the top ten financial institutions are members of the LendingTree exchange. This allows LendingTree, through its lender network, to offer a broad range of lending products, including purchase mortgage loans, mortgage refinance loans, home equity loans and lines of credit, auto loans, student loans, and personal loans. LendingTree also offers a credit card matching process.
In 2003, LendingTree caught the eye of media mogul Barry Diller, founder and CEO of IAC/InterActive Corp. That May, Diller acquired LendingTree, bringing the company beneath the IAC umbrella. Under IAC, LendingTree has made a number of strategic acquisitions, adding nationally recognized product names such as GetSmart,RealEstate.com,Domania,HomeLoanCenter.com and iNest.
Today, consumers who visit http://www.lendingtree.com and submit a qualification form are instantly matched with up to 4 competitive offers. These conditional offers contain the lenders' interest rates and APRs, as well as a loan officer's contact information, so the consumer can contact the lender directly to discuss or negotiate the offers and complete the loan process. But LendingTree doesn't believe its obligation to the consumer ends there. With a "24/7" customer service center, staffed by more than 150 knowledgeable Loan Specialists, LendingTree provides unparalleled customer assistance.
From modest roots, LendingTree expanded Dougs original concept, receiving 18 million loan requests and facilitating $141 billion dollars in loans for millions of consumers. With a Total Brand Awareness of 83% nationwide, and a customer satisfaction percentage averaging between 93 and 94 percent monthly, LendingTree is now a successful, nationally recognized name - as is its motto: When Banks Compete, You Win!(R)
External links
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