RateGenius Joins LendingTree Marketplace

    AUSTIN, Texas--Oct. 17, 2001--RateGenius, an Austin-based financial services company specializing in brokering automotive refinance loans, today announced that it has become a participant on the LendingTree marketplace at www.lendingtree.com.
    Under the agreement, rateGenius will be one of the participants on the LendingTree online lending exchange specializing in brokering automotive refinance loans.
    Since 1998, LendingTree has processed more than 3.5 million consumer loan requests and has facilitated more than $10 billion in closed loans. Since launching its online service in October 2000, rateGenius has brokered almost $14 million in loans, saving thousands of dollars for customers who refinanced their new car loans with rateGenius lenders at more competitive rates.
    "This partnership marks a major milestone for our company," said rateGenius CEO Cathy Ghiglieri. "Through this affiliation, our company will benefit from the tremendous foothold LendingTree has gained in the online lending arena. LendingTree will, in turn, continue the company's commitment in providing consumers with convenience, choice and great rates by leveraging our specialized experience in automotive loan refinancing. It truly is a win-win partnership."
    As a participant on the LendingTree Exchange, rateGenius will enjoy a more qualified consumer base, as LendingTree's Lend-X technology enables lenders to receive loan requests from consumers who fit their specific loan criteria. Currently, rateGenius utilizes primarily direct mail to obtain automotive refinance loan applications for its lenders. LendingTree will provide a new, powerful channel for obtaining these loan requests.
    "Because of LendingTree's national presence, this new partnership will allow us to execute a nationwide roll-out strategy at a much faster pace than we originally had planned, and allow us to accept loan requests from multiple states."
    RateGenius provides complete end-to-end fulfillment for its lender network. The Austin-based company recently announced that it also closed on an additional $3 million in funding, primarily from current angel investors and expanded its operations to California, Florida and Texas. Those three states represent the largest marketplace for new cars sales in the U.S. and a main target market for new car refinancing.

    About rateGenius

    RateGenius specializes in brokering auto refinance loans to a broad array of lenders, whose credit appetites range from prime to deep subprime. In doing so, rateGenius helps consumers save money by refinancing their auto loans with its lender network and has saved consumers thousands of dollars.
    In a mix of the old financial services world and the new world of technology, rateGenius employs technology to allow the company to scale its business by moving away from a paper-based system.