LendingTree LLC has announced the launch of LoanExplorer, an advanced second generation loan marketplace, designed specifically for consumers, lenders and publishers. LendingTree also announced the launch of its reverse mortgage product available on LendingTree.com.
With LoanExplorer, consumers can access a real-time, informative mortgage shopping experience by anonymously comparing loan offers side by side, including loan product details, costs, and rates based on their individual financial situation. After comparing offers on LoanExplorer, borrowers have the option to connect with the lenders that best match their needs through a toll-free telephone number displayed by each lender or by contacting the lender electronically.
For lender partners, LoanExplorer will deliver potential borrowers using multiple channels, thereby improving conversion rates and expanding reach. Lenders will be able to display their brand, logo, products and services along with rates and fees that are relevant to the consumer's requirements.
"In addition to being a best in class tool for consumers, LoanExplorer will dramatically improve customer acquisition economics for lenders," said Doug Lebda, chairman and CEO of LendingTree. "LoanExplorer gives lenders access to the highest-intent mortgage consumers, leveraging a unique real-time rate marketplace to deliver top-quality consumers. By integrating cost per click, cost per lead, and cost per call products into one platform, we are able to offer publishers improved monetization compared to our competition."
Consumers can now compare reverse mortgage options from lenders on LendingTree.com. Like other LendingTree cost-per-lead products, lenders pay a fee for each referral and consumers can compare options from up to five lenders for free.
"Launching these two products is part of our ongoing revenue diversification strategy leveraging the LendingTree brand," said Lebda. "Our ability to quickly and cost-effectively launch these new products is a testament to our ongoing improvements in product and technology."