Monday July 19, 9:02 am Eastern Time
AUSTIN, Texas, July 19 /PRNewswire/ -- arcsystems.com, formerly ARC Systems, the custom software developer of the Internet-based LT2k(TM) automated underwriting system, today announced an agreement with LendingTree, Inc., the online loan marketplace that connects consumers to a network of lenders who compete for their business.
As part of the agreement, LendingTree will make arcsystems.com's LT2k decisioning engine available to its network of lenders, enabling each to offer loan decisions to the consumer in 30 seconds or less. With the addition of LT2k, LendingTree will expand its ability to provide instant offers for mortgages, home equity loans, auto loans, personal loans, and credit cards from its network of lenders.
``By partnering with arcsystems.com, LendingTree is able to expand and improve our industry-leading Instant Offer Service,'' said Doug Lebda, founder and CEO of LendingTree, Inc. ``The LT2k system, with its 30-second decisioning capability, will benefit consumers by enabling our network of lenders to make virtually immediate loan decisions.''
Consumers and lenders will benefit from the LT2k system through LendingTree's Web site at www.lendingtree.com. After the consumer completes a simple online qualification form, that form is sent to up to four lenders. The LT2k system, which is pre-configured for a lender's specific loan parameters, electronically accesses consumer credit reports for real-time information. The qualification form is then processed against a lender- supplied rules-based decisioning system and underwriting criteria. LT2k allows the lender to provide the customer with loan decisions in 30 seconds or less. This technology will be made available to each lender in The LendingTree Network.
``LT2k's 30-second loan approval technology perfectly matches LendingTree's forward-looking business model,'' said Ed Jones, founder and CEO of ARC Systems. ``The agreement provides a winning solution to lenders and ultimately the consumer, who will have quick, simple access to a variety of loans.''
LendingTree, Inc. is the online loan marketplace that connects consumers with a network of lenders who compete for their business. Loan types include mortgage, home equity, personal, auto, and credit cards. Founded by Doug Lebda in 1996 and based in Charlotte, N.C., LendingTree is led by veterans in the banking, financial services and information technology industries. LendingTree has formed strategic partnerships with priceline.com and Bloomberg.com, and currently has more than 7,000 affiliate Web sites. LendingTree is an equal opportunity lender. Go to www.lendingtree.com or call 704-541-5351 for more information.
Austin-based arcsystems.com is a custom software developer of Internet- based solutions for relational database applications. Through Internet technology, arcsystems.com provides products that create economic and human resource efficiencies, changing the paradigm of underlying business practices. arcsystems.com's flagship product, LT2k, is the world's first Internet-based automated underwriting system for subprime mortgages. LT2k's underwriting matrix flexibility allows for expansion into any industry that performs the basic functions of application, credit, documentation, or underwriting any loan that requires a credit check including auto loans, debt consolidations and credit card applications. For more information on arcsystems.com, call 512-892-5550 or visit www.arcsystems.com for a free demonstration.