LendingTree, Inc.®, the leading online lending and real estate exchange, today announced that it has entered into an agreement to acquire HomeLoanCenter.com, a second-generation Internet-based direct mortgage lender headquartered in Irvine, California.
"HomeLoanCenter.com has built an impressive online loan origination platform, and we believe its innovative and successful approach to automating the mortgage lending process will be a great benefit to our consumers," said Doug Lebda, founder and chief executive officer of LendingTree. "This acquisition will help us to increase our profit per customer, have greater input over the consumer experience, more effectively cross-sell our Realty Services offering, and gain market share. Importantly, we will continue to operate the same robust LendingTree lending exchange, and consumers will continue to receive multiple competing loan offers in an environment that offers choice, convenience and value."
"LendingTree's acquisition of HomeLoanCenter.com is a direct win for consumers," said Anthony Hsieh, founder and chief executive officer of HomeLoanCenter.com. "We've built our business by leveraging technology for scalable growth, constantly looking for ways to improve, and joining with LendingTree will now more than ever enable us to create a full technological infrastructure and deliver a broader variety of comprehensive programs to the full spectrum of consumers."
Hsieh, along with HomeLoanCenter.com President Tomo Yebisu, will remain with the company. Hsieh will report to Lebda.
Terms of the deal were not disclosed. The transaction is expected to close in approximately 90 to 120 days.