LendingTree continues to broaden its corporate reach beyond its Internet ad exchange roots.
The company announced Tuesday that it is forming a joint venture with a subsidiary of Wachovia to offer real estate settlement services.
Working with GreenLink, the settlement services set up by Wachovia in 2000, the new firm will over services such as appraisals, flood insurance, title and closing services.
The venture will be called LendingTree Settlement Services and will operate out of Jacksonville, FL.
LendingTree said it holds a majority interest in the firm. Other terms were not disclosed.
GreenLink said it provides more than 1 million transactions a year.
LendingTree launched as a web site in 1996, matching prospective homebuyers and lenders. It now offers a wide variety of services and works with realtors. The company also offers home equity, automobile, personal, debt consolidation and credit card services.
“This is an important step forward in LendingTree’s strategy to simplify and streamline the settlement services process for both our lender partners and our customers,” said David Anderson, general manager of LendingTree Settlement Services, “This is an important step forward in LendingTree’s strategy to simplify and streamline the settlement services process for both our lender partners and our customers. Given its nationwide network of thousands of vendors, strong technology platform and unmatched management expertise, GreenLink is the ideal partner.”
LendingTree is now part of IAC/InterActive Corp.
Patrick McElhaney, chief executive officer of GreenLink, said in a statement that the deal provided GreenLink with “the premier brand name in the Internet lending space.”
“GreenLink’s proven expertise in building and operating a successful settlement services company coupled with LendingTree’s distribution and customer management expertise is a winning combination,” he added.
