LendingTree Helps Lenders Retain Homeowners Shopping for Refinances

""LendingTree"":http://www.lendingtree.com, an online lending exchange headquartered in Charlotte, North Carolina, introduced a new offering this week that the company says will help banks and mortgage companies retain borrowers who are seeking refinancing options with other lenders.
LendingTree explained that its new ""Customer Retention product"":http://www.lendingtree.com/get-internet-mortgage-leads/ uses proprietary filtering technology to identify customers by loan amount, loan-to-value ratio, loan purpose, and FICO scores, and enables banks and lenders to leverage the marketing capabilities and brand presence of ""LendingTree.com"":http://www.lendingtree.com to keep valuable customers within their loan portfolios who are in-market, ready to transact, and actively looking for new financing options.
As homeowners look to take advantage of lower mortgage rates by refinancing, LendingTree says many have turned to its portal exchange to identify and compare offerings from competing lenders. The company says its Customer Retention solution will give banks and lenders the opportunity to get back in front of existing customers to provide competitive loan offers and reinforce the borrower benefit of securing a simple, streamlined refinance mortgage with their current lender.
Bob Harris, president of the LendingTree Exchange, said, ""With refinancing activity from borrowers representing a significant portion of overall origination volume, our lender network has expressed a desire to capture and retain current mortgage customers. In this economy, that's business those banks can't afford to lose. As part of the LendingTree network, banks and lenders that use our new Customer Retention initiative will be able to significantly impact the ratio of overall mortgage portfolio retained, just as effectively as they can attract new borrowers.""
Over the last several months, LendingTree has released a number of new products and tools for their Lender Exchange partners. LendingTree lenders can now receive information on prospective borrowers seeking reverse mortgages, as well as compete for those specifically looking for Federal Housing Administration (FHA) loan products. LendingTree also recently launched a filtering technology that provides lenders a more streamlined approach to customer targeting.
LendingTree's ""online lending exchange"":http://www.lendingtree.com connects consumers with multiple lenders that compete for their business. Since it was launched in 1998, the company says it has facilitated more than 25 million requests for loans online and $185 billion in closed loan transactions. LendingTree provides consumers with access to lenders offering mortgage home loans, refinance mortgage loans, home equity loans and lines, as well as auto loans, personal loans, and credit cards.