LendingTree Applauds Consumer Financial Protection Bureau's Efforts to Encourage Mortgage Comparison Shopping

New proposal seeks to further consumer understanding of home loans

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May 23, 2011, 09:39 ET

CHARLOTTE, N.C., May 23, 2011 /PRNewswire/ -- LendingTree, LLC, the nation's leading online lending network, today announced its support of Elizabeth Warren and the Consumer Financial Protection Bureau's updated mortgage disclosure forms aimed at simplifying the home loan shopping process for consumers.

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"When I founded the company in 1998, it was with the goal of making the process of shopping for a mortgage easier," said Doug Lebda, founder and chief executive officer of LendingTree.com. "It's great to see the Consumer Financial Protection Bureau following suit by taking steps to simplify the mortgage process for all consumers, just like LendingTree has done for 28 million borrowers since our inception."

LendingTree seeks to make it easier to find and compare mortgages and other types of loans by offering free, objective side-by-side comparisons of loan offers from multiple lenders. Consumers can fill out one simple form at LendingTree.com and receive multiple loan offers within minutes. LendingTree also has a suite of products designed to further increase consumer confidence in their home loan decision, including Lender Ratings and Reviews, the LendingTree Mortgage CheckUp, and the innovative Look B4U Lock tool. Look B4U Lock allows consumers to determine if they're getting a good deal on their home loan by comparing their current loan offer with offers received by similar borrowers on the LendingTree network.

"We believe that by simplifying the process of comparison shopping and putting free tools in consumers' hands we can help them make a mortgage decision with confidence and provide the very best deal available to them," continued Lebda. "A recent LendingTree survey found that nearly 70% of consumers find shopping for a mortgage frustrating, and nearly 40% obtain just one home loan quote. It's great to see the CFPB taking steps to streamline the mortgage financing process and make comparison shopping easier for all borrowers."

For more information about the new mortgage forms proposed by the Consumer Financial Protection Bureau, please visit http://www.consumerfinance.gov/. To learn more about LendingTree and the resources available to borrowers, visit www.lendingtree.com or http://blog.lendingtree.com.

About LendingTree, LLC

LendingTree, LLC is the nation's leading online lender exchange and personal finance resource, helping consumers take charge of all their financial decisions, from mortgages to credit cards and more. LendingTree provides a marketplace that connects consumers with multiple lenders that compete for their business, as well as an array of online tools to aid consumers in their financial decisions. Since inception, LendingTree has facilitated more than 28 million loan requests and $214 billion in closed loan transactions. LendingTree provides access to lenders offering mortgages and refinance loans, home equity loans/lines of credit, and more. LendingTree, LLC is a subsidiary of Tree.com, Inc. (NASDAQ: TREE). For more information go to www.lendingtree.com or 800-555-TREE.

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SOURCE LendingTree, LLC