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Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


LendingTree Production Earnings Overtake Leads

$622 million Q4 volume

Feb. 5, 2010

By MortgageDaily.com staff


Quarterly originations at LendingTree Loans edged higher and were up 30 percent from a year ago. Earnings from loan production now exceed earnings from its lead generation unit even though the average loan amount at the lead unit is up more than a third.

The Charlotte, N.C.-based firm closed 2,700 direct-lending loans for $622 million during the fourth-quarter 2009, parent Tree.com reported today. The figures reflected loans originated, processed, approved and funded through Home Loan Center Inc., which does business as LendingTree Loans.

Third-quarter volume was 2,800 loans for $620 million, while fourth-quarter 2008 production was 2,300 loans for $478 million.

Full-year production at LendingTree Loans was $2.9 billion, rising from $2.4 billion during all of 2008.

Purchased loan requests, however, fell to 61,500 from 67,100 three months earlier and 76,300 a year earlier.

LendingTree Loans earned almost $3 million before taxes during the latest period, higher than around $2 million in the third quarter and in the fourth-quarter 2008.

Mortgage lead generation is conducted through LendingTree.com and GetSmart.com. The two units operate as part of the company's exchanges segment, which also includes higher-education marketplaces.

This division generated 279,300 matched requests in the fourth quarter, falling from 340,700 the prior quarter and 334,000 the prior year. Closing units fell to 11,600 units for $2.3 billion, compared to the third quarter's 12,100 units for $2.2 billion and the previous year's 15,700 units for $2.3 billion.

The disparate movement in units and dollars indicates that the average loan amount has climbed from around $146,500 a year ago to around $198,300.

Earnings before taxes at the exchanges segment were over $1 million, falling from around $4 million in the third quarter and the final quarter of 2008.

The company said its warehouse lines-of-credit stood at $78 million as of the end of last year, slightly higher the $76 million the year before.

Tree.com had a $21 million fourth-quarter loss, tripling from the $7 million loss the previous quarter and previous year.

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