Online loan marketplace LendingTree launched a new tool to help lenders comply with Community Reinvestment Act (CRA) regulations, which were enacted in 1977 to encourage banks to rebuild communities.
Banks subject to CRA evaluations can use the new tool to identify low-to-moderate income borrowers, extending credit to typically underserved individuals. Doug Lebda, founder and CEO of LendingTree said the new capability “offers more financing opportunities to borrowers who may otherwise find difficulty in securing loans due to income requirements.”
At FinovateSpring 2015 North Carolina-based LendingTree debuted My LendingTree, an online dashboard where users view all credit-related accounts. LendingTree uses alerts and recommendation engine to show users money-saving opportunities.
Earlier this month, LendingTree partnered with the Innovative Lending Platform Association in building a small business lending disclosure model, SMART Box. The model not only offers transparency to small business borrowers, it also provides a concise way for lenders to explain the loan terms.
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