LendingTree, Inc., through its subsidiaries, operates an online loan marketplace for consumers seeking a range of loan types and other credit-based offerings. The company’s online marketplace provides consumers with access to product offerings from approximately 400 active lenders (which refers to as Network Lenders), including mortgage loans, home equity, reverse mortgage, auto loans, credit cards, personal loans, student loans and small business loans and other related offerings. In addition, the company offers tools and resources, including free credit scores that facilitate comparison shopping for these loans and other credit-based offerings. Products The company reports its revenues in two product categories, mortgage products and non-mortgage products. Non-mortgage products include auto loans, credit cards, home equity loans, personal loans, reverse mortgages, small business loans and student loans. Non-mortgage products also include home improvement referrals, and other tools and resources, including credit repair and debt relief services. Mortgage Products The company’s mortgage products category includes its purchase and refinance products. The company partners with lenders throughout the country to provide full geographic lending coverage and to offer a suite of loan offerings on the company’s marketplace. The company performs certain due diligence procedures on prospective new lenders, including screening against a national anti-fraud database maintained by the Mortgage Asset Research Institute, which helps manage its risk exposure. Consumers seeking mortgage loans through the company’s loan marketplace could receive multiple conditional loan offers from participating lenders in response to a single loan request form. The company refers to the process by which it matches consumers and Network Lenders as the matching process. This matching process consists of various steps. Loan Request: Consumers complete a single loan request form with information regarding the type of home loan product they are seeking, loan preferences and other data. Consumers also consent to a soft inquiry regarding their credit. Loan Request Form Matching and Transmission: The company’s proprietary systems and technology match a given consumer's loan request form data, credit profile and geographic location against certain pre-established criteria of Network Lenders, which might be modified from time to time. Once a given loan request passes through the matching process, the loan request is automatically transmitted to up to five participating Network Lenders. Lender Evaluation and Response: Network Lenders that receive a loan request form evaluate the information contained in it to determine whether to make a conditional loan offer. Communication of a Conditional Offer: All matched Network Lenders and any conditional offers are presented to the consumer upon completion of the loan request form. Consumers could return to the site and view their offer(s) at any time by logging in to their My LendingTree account. Additionally, matched lenders and offers are also sent to the email address associated with the consumer request. Loan Processing: Consumers might then elect to work offline with relevant Network Lenders to provide property information and additional information bearing on their creditworthiness. Ongoing Consumer and Lender Support: Email and telephone support are provided to both Network Lenders and consumers. This support is designed to provide technical assistance and increase overall satisfaction of Network Lenders and consumers. The company also offers consumers an alternative ‘short-form’ matching process, which provides them with lender contact information rather than conditional offers from Network lenders. This short-form process typically requires consumers to submit less data than required in connection with the matching process and does not involve consumer consent to an inquiry regarding credit. In 2013, the company expanded its mortgage offerings by launching LoanExplorer, a ‘rate table’ loan marketplace, where consumers could enter their loan and credit profile and dynamicall
lendingtree inc (TREE:NASDAQ GS)
11115 Rushmore Drive
Charlotte, NC 28277
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