In conjunction with its launch of a new, second-generation online loan marketplace, LendingTree today announced it is getting into reverse mortgages.
The online marketplace serves as a platform where consumers can compare loan offers, and where they will now be able to compare reverse mortgage options. Lender partners can work with LendingTree on a cost-per-lead basis.
“Consumers can now compare reverse mortgage options from lenders on LendingTree.com,” the company stated Monday. “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.”
The new marketplace, LoanExplorer, offers real-time mortgage information to online shoppers who can compare offers anonymously—from loan details to costs and rates. They can connect with lenders through the site by accessing a toll-free phone number, or via online.
“Launching these two products is part of our ongoing revenue diversification strategy leveraging the LendingTree brand,” said LendingTree Chairman and CEO Doug Lebda. “Our ability to quickly and cost-effectively launch these new products is a testament to our ongoing improvements in product and technology.”
The company anticipates lenders can more easily connect with consumers by using the tool, including those consumers who are seeking reverse mortgage information.
“In addition to being a best in class tool for consumers, LoanExplorer will dramatically improve customer acquisition economics for lenders,” said Lebda. “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.”
Written by Elizabeth Ecker