LendingTree.com has signed on Sound Credit Union to its online lending exchange, its first credit union client in the company's nearly 11-year history.
The $419 million went live yesterday with LendingTree, which connect consumers with multiple lenders that compete for their business. Sound CU will offer its home equity loans on LendingTree to consumers in the Tacoma, Wash. market, the financial institution's home base, said Carl Roer, vice president of lending.
Sound CU offering home equity loans "during a time of greatly diminished availability of such products is a win for the consumer," said Robert Ross, divisional sales executive at LendingTree. When asked why the company is now partnering with CUs, Ross said it was because of their "financial strength, unique lending programs and a shared focus on customer service and satisfaction."
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The troubled housing market has led to some lenders scaling back their service at Charlotte, N.C.-based LendingTree, which has opened up opportunities for CUs, Roer said. Still, Sound is taking a deliberate and slow approach to offering loans on LendingTree.
"We don't want to be inundated where we can't offer good service. Also, the key to this is cross selling other products and services. In this environment, lending is getting challenging. We can cherry pick opportunities."
Since its launch in 1998, LendingTree said it has facilitated more than 25 million loan requests and $185 billion in closed loan transactions. It works with more than 200 financial institutions.
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