I thought we had a deal with Lending Tree..
Mortgage.com, LendingTree Expand On-Line Relationship
October 12, 1999 08:57 AM Eastern Time
BOSTON, Oct. 12 /PRNewswire/ -- Mortgage.com MDCM and LendingTree today announced at the Mortgage Bankers Association annual convention here the two companies have expanded their on-line relationship. Mortgage.com will now be able to offer its advanced Internet technology and mortgage-banking solutions to additional lenders through the LendingTree site and LendingTree consumers will now have increased access to more lenders through Mortgage.com partnerships.
Mortgage.com's unique online mortgage banking capabilities enable lenders to respond quickly and effectively with loan offers to consumers who are shopping for mortgage loans online. LendingTree is an online loan marketplace that connects consumers to a Network of lenders who compete for their business for a variety of loan types including home mortgages, home equity, automobile financing, personal and debt consolidation and credit cards. According to the points of the letter of intent, LendingTree may offer Mortgage.com consumers increased access to all of the loan types available on the LendingTree online loan marketplace.
Under the terms of the relationship, subject to definitive agreement, Mortgage.com will have the opportunity to provide lenders that participate in the home loan area of LendingTree's online loan marketplace with its comprehensive array of Internet mortgage solutions, including automated underwriting technology, back office processing resources and consumer Teleweb call-centers. Mortgage.com will also continue to fund loans to consumers and sell them in the secondary market for long-term financing.
"We are extremely delighted to strengthen our commitment to LendingTree and to benefit both the consumers and lenders in the LendingTree marketplace," said Seth Werner, Mortgage.com Chairman and President. "LendingTree's impressive success in providing consumers and lenders with a mutually beneficial online loan resource clearly points to the company as an ideal partner for Mortgage.com to broaden our participation in the booming online loan sector."
"Our goal at LendingTree is to provide consumers with the most streamlined and comprehensive resource for obtaining loans online," said Doug Lebda, founder and CEO of LendingTree. "Mortgage.com's technology solutions are a welcome addition to the company's current position as a lender on the LendingTree online loan marketplace."
About Mortgage.com
Founded in 1994 and based in Plantation, Florida, Mortgage.com (formerly First Mortgage Network) is a pioneer in on line mortgage banking and consumer direct mortgage lending. As both a technology provider and mortgage provider, Mortgage.com is responsible for over $3 billion in loans annually, originating and closing 4,459 loans, with a total principal amount of $848.2 million in the second quarter of 1999 alone. Mortgage.com is dedicated to reducing the cost of mortgage origination and funding by supplying home builders, Realtors(R) and financial institutions with point-of-sale and Internet technology, business management, loan processing, and call center and mortgage funding capabilities. The company's business-to-business customer list is a "who's who" of the financial community, including Intuit, GE Capital Mortgage Services, Fleet, First Union, Net.B@nk, Prudential, Cendant, Arvida Home Builders, Superior Bank and Fannie Mae. Mortgage.com is publicly traded on the NASDAQ system under the symbol MDCM.
About LendingTree, Inc.
LendingTree, Inc. is the online loan marketplace that connects consumers with a network of lenders who compete for their business. Loan types include mortgage, home equity, personal, auto and credit cards. Founded by Doug Lebda in 1996 and based in Charlotte, N.C., LendingTree is led by veterans in the banking, financial services and information technology industries. LendingTree has strategic relationships with priceline.com, Bloomberg.com and AutobyTel and currently has more than 10,000 affiliate Web sites. LendingTree is an equal opportunity provider. Go to lendingtree.com or call 704-541-5351 for more information.
This press release includes "forward-looking" statements that reflect our current view with respect to future events and financial performance. We use words such as "anticipate," "believe," "expect," "future," "plan," "estimate," and "intend," and similar expressions, to identify forward looking statements. The forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties inherent in future events, including such uncertainties as are described in registration statements, reports and other documents filed by the Company from time to time with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934. Specific reference is made to the risks and uncertainties described in the Registration Statement on Form S-1 (Registration No. 333-79757) filed by the Company in connection with its Initial Public Offering effective August 11, 1999.
SOURCE Mortgage.com
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