Monday July 19, 9:02 am Eastern Time
Company Press Release
LendingTree and arcsystems.com to Offer Automated
Underwriting to Network of Lenders Via the Internet
Agreement Between arcsystems.com and LendingTree Offers
Consumers Instant Offers for a Variety of Loans From a Network of
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.