North Carolina-based LendingTree has launched a new online portal called Canopy, which the company says can show lenders where to find untapped loan volume and revenue. “With the Canopy platform, we’re providing our lender network with a user-friendly dashboard that operates in real-time to help them succeed through improved planning and execution to reach new customers and drive profitable growth,” said Bob Harris, president of the LendingTree Exchange. Harris says Canopy eliminates the guesswork, essentially showing lenders how they can benefit from untapped volume within and outside of their existing segmentation parameters. “To be able to actually see that potential and immediately act on it is a true business advantage – especially given current market conditions,” Harris said. LendingTree explained that its new system delivers analytic capabilities in a simplified view, in order to help lenders understand borrower trends and identify new opportunities. The volume opportunity identification component of Canopy enables each lender within the LendingTree Network to determine the type of borrower to target based on specific consumer and loan criteria. By creating “what if” scenarios lenders can see in real-time what certain adjustments might yield in terms of additional revenue and profit opportunity.

If the potential outcomes are favorable, LendingTree says users can implement the new targeting parameters in just a few clicks. Network lenders and LendingTree account managers will also have access to a database of mortgage industry information and real-time communication tools. Planned updates to the system in future months include online training and loan officer certification, along with enhanced operational reporting. Canopy began internal product testing earlier this year and was then rolled out to a small group of lenders on the LendingTree Network. The company says feedback on its new product offering has been very favorable, with users acknowledging Canopy’s ability to allow volume trending, opportunity identification, and efficiency gains as key benefits. Owen Raun, president of Houston-based RMC Vanguard, a beta participant and LendingTree Network lender, said, “This platform helps us adjust our loan filter parameters, opening up a whole new world of potential for us. Beyond the ability to discover new volume, Canopy gives my loan officers an enhanced relationship with their LendingTree account managers – everyone can operate on the same page, acquire the same data, and make quick, informed decisions.” The LendingTree online exchange connects consumers with multiple lenders that compete for their business. Since it was launched in 1996, LendingTree says it has facilitated more than 25 million requests for loans online and $185 billion in closed loan transactions. LendingTree provides access to lenders offering mortgage home loans, refinance mortgage loans, and home equity loans and lines, as well as other consumer loans. The company also owns and operates RealEstate.com and HomeLoanCenter.com.