LendingTree launches tool to connect lenders with CRA-eligible borrowers
LendingTree, the nation's leading online loan marketplace, today announced the launch of its CRA-eligibility tool, which enables banks and lending institutions subject to CRA evaluations to easily identify low- to moderate-income borrowers which meet CRA criteria, promoting access to credit within these traditionally underserved communities.
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The Community Reinvestment Act (CRA), which was enacted in 1977, is designed to encourage banks to help rebuild and revitalize communities through sound lending and good business judgment that benefits the banks and the communities they serve.
"LendingTree's new matching capability offers more financing opportunities to borrowers who may otherwise find difficulty in securing loans due to income requirements," said Doug Lebda, founder and CEO of LendingTree. "We're focused on continuing to provide our lender network with solutions that create operating and marketing efficiencies while also benefiting consumers."