Priceline.com and LendingTree, Inc. Announce Strategic Alliance to Create New Internet Service for Home Mortgages.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn. and CHARLOTTE, N.C.--(BUSINESS WIRE)--Sept. 1, 1998-- Agreement brings buyers and sellers together on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Priceline.com (priceline.com Incorporated, Norwalk, CT, www.priceline.com) A Web-based travel shopping site launched in 1998 where buyers submit the price they are willing to pay for airline tickets, hotel rooms, vacation packages and rental cars. , the recently patented e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. system, and LendingTree, Inc., the online loan center that connects borrowers to a network of lenders, today announced a strategic partnership that leverages their respective expertise to unite buyers and sellers on the Internet. Beginning this fall, priceline.com will enable consumers to name their interest rate and terms for home mortgages by combining priceline.com's unique, buyer-driven e-commerce system with the strength of the LendingTree Network. "Successful e-commerce, whatever the industry, requires two components buyers and sellers," said priceline.com chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Rick Braddock Braddock, borough (1990 pop. 4,682), Allegheny co., W Pa., an industrial suburb of Pittsburgh, on the Monongahela River; settled 1742, inc. 1867. Once a steel-manufacturing center, the population has decreased with the decline of the industry. In 1755, Gen. . "Priceline.com has demonstrated that our name-your-own-price model has the potential to attract huge numbers of consumers across a wide range of industries. Now, with our LendingTree alliance, we can guarantee those buyers a broad selection of lenders and financing options on our first day of service availability." The strategic partnership brings together two of the nation's leading representatives of Internet buyers and sellers. As one of the world's most-popular commerce sites, priceline.com collects more than $15 million in credit-card guaranteed demand each week from consumers ready to buy leisure airline tickets and new cars. LendingTree, the company that introduced the one form/many offers model to the consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. industry, has in place the LendingTree Network, a powerful group of name-brand financial institutions supplying all types of consumer credit products to borrowers of virtually all financial profiles across the nation. The priceline.com/LendingTree alliance will produce the only home mortgage service on or offline that actually lets consumers name the interest rate and terms of their home mortgage. Once the borrower names their terms on the priceline.com site, LendingTree's proprietary software routes the borrower's information to the lenders most likely to meet the borrower's terms. Borrowers receive a response within hours. "We expect that our partnership with priceline.com will bring in a large volume of borrower demand," said Doug Lebda Doug Lebda is the founder of Charlotte-based LendingTree.com. In December of 2005 he became president of IAC Interactive, the parent company of LendingTree.com [1]. , chairman and president of LendingTree. "Only The LendingTree Network with its extensive geographical and credit profile coverage is in a position to meet that demand." When a lending institution Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in joins the LendingTree Network, they tap into a powerful new way of attracting qualified customers, with unprecedented flexibility, increased efficiency and bottom-line savings. LendingTree's proprietary filtering software empowers LendingTree Network lenders to look at only those borrowers that meet their pre-established criteria. LendingTree Network lenders have access to a large number of interested and qualified customers, the ability to direct loan requests to different divisions or subsidiaries, and the capacity to close loans at significantly reduced cost. LendingTree, Inc., founded by Doug Lebda in 1996 and based in Charlotte, N.C., is the online loan center that quickly connects borrowers to a network of lenders who compete for their business. Loan types include personal, auto, mortgage, home equity, credit cards and debt consolidation. The company is led by a management team comprised of industry veterans in the banking, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and information technology industries. LendingTree can be contacted by visiting its Web site at www.lendingtree.com or by phone at 704-541-5351. Based in Stamford, CT, priceline.com, Inc., is the creator of a patented e-commerce system (U.S. Patent No. 5,794,207) where buyers name the price they are willing to pay for particular goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . Through its site on the Internet (www.priceline.com), priceline.com collects consumer demand and electronically presents it to sellers, who can fill as much of it as they want at the price points they choose. The patented priceline.com system was invented by Walker Digital, an intellectual property laboratory founded in 1996 by Jay Walker. CONTACT: Connors Communications: Jennifer Kohn, jennifer@connors.com (for priceline.com) Jennifer Carr CARR Carrier CARR Customer Acceptance Readiness Review CARR Carrollton Railroad CARR Corrective Action Request and Report CARR City Area Rural Rides (Texas) CARR Configuration Audit Readiness Review CARR Customer Acceptance Requirements Review , jcarr@connors.com (for priceline.com) Staci Strauss, staci@connors.com (for LendingTree) 212.807.7500 or Brian Ek, brian.ek@priceline.com for priceline.com 203-705-3026 or Jamey Bennett, jbennett@lendingtree.com for LendingTree 203-454-8767 |
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