LendingTree patent expansion gets green light
|March 27, 2003|
Will further protect lender's consumer credit criteria selection process
Inman News Features
The U.S. Patent & Trademark Office intends to grant protection for claims in LendingTree's patent continuation application that would afford the online lender greater protection in its system of using selection criteria to filter credit data received from a consumer, the company reported today.
The continuation application was filed in connection with LendingTree's first patent issued May 7, 2002, for its online lending process that enables a consumer to receive competing loan offers from multiple lenders.
LendingTree's proprietary system uses the selection criteria to automatically choose the lending institutions that will receive the credit request and compete for the consumer's business.
"Our technology and processes are major contributors to the success of our business," said LendingTree Founder and CEO Doug Lebda.
Lebda said the continuation patent is a way of confirming the "uniqueness" of the company's exchange model.
LendingTree connects consumers, lenders, real estate practitioners and related service providers through its online lending exchange. The LendingTree Exchange is made up of more than 190 banks, lenders and brokers, according to the company.
Copyright Inman News Service