In Other News: THREATMETRIX (OS); NAB (Adelo); INTELLICHECK (1Q); and LENDINGTREE (CTO). THREATMETRIX – ThreatMetrix has unveiled ThreatMetrix Open Intel, a new capability to incorporate third-party intelligence signals into the ThreatMetrix platform to orchestrate fraud prevention and authentication across the enterprise. Through Open Intel, ThreatMetrix customers can preserve their legacy and future investments in third-party…
FITCH – Fitch Ratings has published its monthly ‘U.S. Credit Card ABS Tear Sheet’. This report shows Fitch’s break-even stress scenarios for the largest credit card issuers using February 2016 performance data. The break-even runs are based on the 12- and three-month average performance for each trust, using the current one-month LIBOR rate for the…
CardFlash News Briefs: PAYSCAPE (Vendevor); TARSIN (Circle Plus); ARROWEYE (TMG); and LENDINGTREE (AmEx).
Younger generations are less reliant on credit cards than previous generations. Additionally, both Gen Xers and Baby Boomers are more cash-strapped and debt-dependent than Millennials.
LendingTree, the nation’s leading online loan marketplace, has announced a series of senior executive appointments to fully align the company’s management team for rapid scale and to leverage new growth opportunities.
LendingTree launched its personalization platform, providing consumers with completely free credit scores and analysis, access to monthly updates, detailed account insights and proactive, market-based offers to illuminate potential savings opportunities across multiple loan categories. Once a free account is created at LendingTree, users are provided with their current credit score using VantageScore 3.0. Introduced in March of 2013, VantageScore 3.0 is the first credit score model to be built on post-recessionary data, and it has the ability to generate a credit score for 30-35 million more consumers than traditional credit scoring methodologies. The VantageScore model is a tri-bureau credit scoring model that is uniquely able to be deployed at all three national credit reporting companies (CRCs), Equifax, Experian and TransUnion, resulting in more consistent credit scores and less confusion among consumers.
Discover Financial has reached a definitive agreement to acquire substantially all of the operating and related assets of Home Loan Center, a subsidiary of Tree.com for approximately $55.9 million, adding a residential mortgage component to Discover’s direct-to-consumer banking business. Discover intends to originate eligible consumer mortgages to sell in secondary markets on a servicing-released basis. The company anticipates that the acquisition will have a nominal impact on its 2012 earnings. Home Loan Center, which operates as LendingTree Loans, originates and processes consumer mortgage loans nationwide. Discover’s array of banking products include credit cards, personal loans, private student loans, certificates of deposit, savings accounts and Roth individual retirement accounts.
Online lending network LendingTree has launched a new feature rich
website and promotional spots featuring 60’s TV icon Adam West. Some of the new features include:
“MoneyRight”, which allows consumers to aggregate all of their
personal finances and accounts in a single convenient interface; “LookB4ULock”: This feature provides customers with a critical
last-minute check to make sure they are getting the best deal possible
before locking into a loan; “Lender Ratings & Reviews”: A comprehensive, user-generated library
of detailed ratings and reviews for every lender on the LendingTree
network; “Ask the Tree”: Provides users with answers to personal finance or
mortgage-related questions; “Mortgage Checkup”: An easy online checkup to allow anyone with a
home to make sure their current mortgage is âhealthyâ and “Financial Calculators”, the “Enhanced Mortgage Rate Table”, “My Credit” and
“My Loans”, that lets the borrower review lender matches and customized loan offers online,
including a side-by-side comparison between offers and the option to
sort offers by interest rate and monthly payment. The âYou to the Rescueâ campaign, narrated by West, features everyday people becoming
superheroes by meeting the challenges of todayâs economy and taking
control of their financial destiny. Since inception, LendingTree has facilitated more than 25
million loan requests and $185 billion in closed loan transactions.
PayPal has hired Scott Guilfoyle, previously with LendingTree, as its
SVP, Platform Services. In this role, Guilfoyle will be responsible for
product development, IT
operations, security and corporate architecture. Guilfoyle brings
extensive technology and payments expertise to PayPal,
having held key leadership positions at General Electric, Bank of
America. While at Bank of
America, he oversaw an organization of 1,200 people, ran Bank of
Americaâs credit card business and helped build their online banking
TX-based CreditCards.com and Yahoo! Finance have signed a deal to give access to a credit card search engine. The deal follows a similar one last month with LendingTree and its sister site, GetSmart.com. In 2007, over 12 million visitors used CreditCards.com to search for their next credit card. The search engine, which is updated daily with current credit card offers, provides potential customers a means to compare hundreds of current credit card offers in order to find the best deal for them.
Electronic Clearing House has announced the appointment of Keith B. Hall, recently retired as SVP President and CFO of LendingTree, to the Board of Directors. Hall brings to ECHO 30 years of experience in financial analysis, accounting, investor relations, strategic planning, process redesign and international operations. Hall held chief financial officer positions with three public companies (Broadway & Seymour, Inc., Loctite Corporation, and Legent Corporation) that were acquired. He also was employed for over twelve years in various financial positions of increasing responsibility at United Technologies Corporation (UTX), including chief financial officer of Carrier Corporation’s North American Operations. He holds an MBA from Harvard Business School and a Bachelor of Arts degree from Coe College. ECHO provides a fully integrated payment processing suite, including credit card processing, electronic check conversion (ECC), eChecks (ACH), check guarantee, check verification, check collection, and debit cards.
A new consumer survey has discovered that 48% of Americans are uncomfortable with the total amount of household debt they have. The poll by LendingTree also found that 54% do not have a financial plan. Not including mortgage debt, the survey revealed that 74% of Americans envision themselves being completely debt free at some point in their lives. The survey further uncovered that 50% of Americans confess they are concerned or extremely concerned about the amount of credit card debt they have and surprisingly, 10% chose to declare bankruptcy as the only way to solve their debt problems. Young Families, ages 19-34 with children, had the most shocking results of the survey participants. This life stage has the highest debt-to-income ratio (59% spend half or more of their gross income on total debt expense); is admittedly the most uncomfortable with their total household debt (68% are uncomfortable with their debt); and is the least financially prepared should an emergency occur (59% do not have savings available for an emergency).