LendingTree uses mobile to help consumers navigate mortgage chaos
LendingTree LLC, a lender exchange and personal finance resource, is aiming to help mobile consumers navigate the bleak economy with a mortgage quote application.
The application, Mortgage RateFinder, gives consumers up-to-the-minute loan offers without sharing personal information. Consumers are in total control within the application – they decide which lenders contact them.
“The application is the first of another pipeline of solutions and innovations that we extend to help consumers navigate the chaos of the mortgage marketplace,” said Mona Marimow, senior vice president of marketing at LendingTree, Charlotte, NC.
LendingTree helps consumers take charge of their financial decisions such as budgeting and money management to mortgages and credit cards.
The LendingTree marketplace connects consumers with multiple lenders that compete for their business.
Mobile to the rescue
LendingTree’s Mortgage RateFinder is an extension of the brand’s promise to deliver transparency and efficiency to the mortgage process by forcing banks to compete for a consumer’s business.
The application is free and the offers that are served come at no charge as well.
There is no ad-sponsorship, but Ms. Marimow said that it is not impossible to see that happen eventually. The application is monetized through LendingTree’s business-to-business model it has with qualified banks and the offers they serve consumers.
Consumers can search the application anonymously and get customized rates based on their loan profile.
There is no restriction on the amount of times a consumer can search.
The application also features a click-to-connect feature that lets the consumer tell the financial institution they are interested in the loan.
No lender can contact a consumer without pre-approved consent.
Mortgage goes mobile
Ms. Marimow said the iPhone application is just another way LendingTree has leveled the playing field for consumers to get the best quotes and loans.
Currently the application is for Apple’s iPhone, but it will expand to Research In Motion’s BlackBerry smarthphones soon.
There is no specific target user, just the average person looking for a loan, which is generally consumers between the ages of 25-54. Ms. Marimow said LendingTree’s demographic aligns well with that of the smartphone user.
LendingTree is promoting the application through its blog, Twitter and Facebook, as well as placing some online banners at http://www.lendingtree.com.
“We are all about providing utility to customers at every single touch point,” Ms. Marimow said. “We want to give as much information for consumers to have on-demand.
“With all fluctuation in the mortgage landscape right now, we really need to make sure we’re there for consumers wherever they are and mobile is obviously an important touch point for us,” she said.