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LendingTree Fully Launches Home Equity Automated Decision Engine

Nationwide Lending Corporation Becomes First Lender to Incorporate LendingTree Home Equity ADE Functionality to Automatically Decision Home Equity Loan Requests Received From the LendingTree Exchange

CHARLOTTE, NC (March 11, 2002) -- LendingTree, Inc. (TREE) , the leading online lending Exchange, today announced that the Company has fully launched its home equity automated decision engine (ADE) with Nationwide Lending Corporation. Nationwide is the first Lender client to incorporate home equity ADE, enabling them to automatically decision home equity loan requests received through the LendingTree Exchange. Nationwide Lending Corporation is one of the earliest LendingTree Exchange participants and has offered home loans through www.lendingtree.com since December 1998.

Home equity ADE, an optional Lend-X(SM) subsystem, significantly lowers loan processing costs by utilizing the Internet to provide an immediate response to consumer loan requests. LendingTree originally developed ADE to streamline and automate the mortgage loan process and is already utilized by a number of Lenders to automatically decision mortgage loans. The addition of home equity ADE to the Lend-X platform will enable companies such as Nationwide to automate their home equity loan offer and counteroffer processes, providing consumers with a more streamlined home loan experience.

"LendingTree ADE technology is a win for Nationwide and a win for the consumer, enabling us to maximize our efficiency when decisioning online home equity loan requests," said Tim Burke, vice president of Nationwide Lending Corporation. "The time we save using LendingTree ADE instead of manually processing consumer information has given us the opportunity to more effectively target consumers who match our lending criteria and provide them instant and customized offers. ADE technology enables us to lower our customer acquisition costs while at the same time providing us more time to interact one-on-one with consumers. The normal position in our industry is to be the 'fastest follower' when it comes to adopting new technology. We believe strongly that the consumer deserves an immediate answer to their home loan request, so being the first to adopt ADE was an easy decision and a great technology fit."

"We have established a great relationship with Nationwide Lending Corporation and their decision to be the first Lender to incorporate LendingTree ADE technology for their home equity product further demonstrates their commitment to providing consumers with competitive loan offers online," said Lori Collins, senior vice president of LendingTree. "By incorporating home equity ADE technology, Nationwide will enjoy a more cost-effective, interactive tool that will allow them to service their home equity consumers more efficiently."

Benefits of the LendingTree ADE technology include:

  • Consistent Product and Pricing Policies -- Through the automation process Lender underwriting policies are applied consistently every time an offer is presented.
  • Instant Offers -- Consumers will receive rapid loan offers within minutes of completing their qualification form.
  • Customized loan offers and counteroffers -- The Home Equity ADE enables Lenders to target consumers who fit their specific loan criteria, thereby providing more competitive, customized loan offers to consumers. The Home Equity ADE can also help Lenders determine multiple alternative offers for the borrower's consideration, enabling them to present a variety of counteroffers to the customer, empowering them to choose the best scenario for his/her circumstances.

MortgageDaily.com
About LendingTree, Inc.
Founded in 1996, LendingTree (TREE) is the leading online lending Exchange that connects consumers, Lenders, and related service providers. The LendingTree Exchange is made up of more than 140 banks, lenders, and brokers (Lenders) and has facilitated nearly $18 billion in closed loans. Millions of consumers access the LendingTree Exchange though the Company's site at www.lendingtree.com and through online and offline partners. Loans available via the LendingTree Exchange include home mortgage, home equity, automobile, personal, debt consolidation, and credit cards. LendingTree is the No. 1 brand in the online lending market for consumers, with 59 percent national awareness. The LendingTree Lend-X technology has been cited as 'the platform of choice'(1) for online lending and has been adopted by industry leaders to power their online lending initiatives. The LendingTree RealtyServices offering connects consumers to a nationwide network of approximately 7,000 real estate professionals. The Company's services and products are specifically designed to empower consumers, Lenders, and related service providers throughout the lending process, on and offline, delivering convenience, choice, and excellent value.

(1) Resuscitating Mortgage Lending. Forrester Research, March 2001

This press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding: projected future revenues; optimism about the results of certain strategic and consumer initiatives; product and technological implementations; and projected expenditures and growth. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. The Company's actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with the Company's business, which include, but are not limited to: variations in consumer demand or acceptance; the willingness of lending institutions to offer their products over the Internet; further changes in the Company's relationships with existing banks, lender, and brokers (Lenders), companies, and/or strategic partners; the Company's ability to attract and integrate new lending companies and strategic partners; implementation of competing Internet strategies by existing and potential lending participants; implementation and acceptance of new product or service offerings, consumer lending industry regulation; competition in all aspects of the Company's business; fluctuations in operating results; or other unforeseen factors. The forward-looking statements should be considered in the context of these and other risk factors disclosed in the Company's filings with the Securities and Exchange Commission.

Contacts:
Deborah Roth LendingTree
704,944.8571
[email protected]

Mindy Neubauer LendingTree
704.944.8541
[email protected]

SOURCE:
LendingTree, Inc.

www.lendingtree.com

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