LendingTree was born out of frustration. In 1996, Doug Lebda was working as a CPA for PriceWaterhouseCoopers and attending the Darden School of Business. Recently married, Doug and his wife Tara wanted to buy a small townhouse for $60,000. Both Doug and Tara had good jobs, great credit ratings, and were knowledgeable about personal finance. Doug began researching rates and talking to a number of banks and lenders, shopping for the best offer. What he quickly discovered was that the traditional way of getting a mortgage was time-consuming, frustrating, and a hassle … he knew there had to be a better way.
Doug decided to simplify the process. He created a plan that he was certain would make sense: "turn the tables" in favor of consumers by having banks compete for their business. By harnessing the power of the Internet, consumers could complete one simple online form that would be seen by multiple lenders. The lenders, knowing they were competing for business, would then offer their most competitive deals. The Web site would be a destination that empowered consumers by providing them with choice, convenience and value, while at the same time giving lenders the ability to target consumers who fit their specific criteria -- a winning solution for both sides.
LendingTree, LLC.® was launched in 1998 and has been growing ever since. The company has facilitated billions of dollars in loans for millions of consumers. Because lenders on the LendingTree network offer an array of loan products including mortgage and refinance loans, home equity loans, auto loans, personal loans, and credit cards, LendingTree has established a loan marketplace that represents, listens to, and empowers people. The LendingTree marketplace of Lenders includes some of the largest national lending institutions, as well as a wealth of regional and local lenders.
By using this concept and responding to consumer demand, LendingTree has continued to expand the services and products it offers. In 2000, LendingTree launched its Realty Services program - a new service that enables consumers to find LendingTree-certified real estate professionals in connection with their loan transaction. Realty Services provides a "one-stop shop" for consumers to find a loan that best suits their needs, and a REALTOR® to help them buy or sell their home.
Recognized as the leader in the online lending and realty services markets, LendingTree was acquired by IAC/InterActiveCorp in May 2003. As a result, LendingTree joined a number of great exchange-model businesses also recognized as leaders in their own industries including Expedia.com, Hotels.com, Hotwire.com, and Match.com. Under IAC, LendingTree has made a number of strategic acquisitions, adding nationally recognized product names like GetSmart, RealEstate.com, and Domania in 2003 and 2004.
Since inception, LendingTree has grown into a nationally recognized brand name and its mantra, "When Bank Compete, You Win"™, continues to resonate with consumers. Over the last three years, LendingTree's Total Brand Awareness has grown to 73% nationwide. With a network of more than 200 Lenders and a Realty Services exchange that consists of 700 brokerages representing 10,000 REALTORS®, LendingTree shows no signs of stopping.
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