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Through multiple branded marketplaces, LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of approximately 770 partners (which we refer to as “Network Partners”) in one simple search, and choose the option that best fits their financial needs.
−Removed: Services include mortgage loans, mortgage refinances, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes, sales of insurance policies and other related offerings.
+Added: Services include mortgage loans, mortgage refinances, home equity loans and lines of credit, auto loans, credit cards, deposit accounts, personal loans, small business loans, insurance quotes and other related offerings.
In addition, we offer tools and resources, including free credit scores, that facilitate comparison shopping for loans, deposit products, insurance and other offerings.
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We generate revenue from our Network Partners, generally at the time of transmitting a consumer request to them, in the form of a match fee.
−Removed: In certain instances outside our mortgage business we charge other kinds of fees, such as closed loan or closed sale fees.
−Removed: In addition to our primary consumer request data referral business, we also match consumers with Network Partners by offering consumers the ability to click from our website to a Network Partner’s website or by calls for which Network Partners pay either front-end or back-end fees.
+Added: In certain instances outside our mortgage business we charge other kinds of fees, such as closed loan fees.
+Added: In addition to our primary consumer request data referral business, we also match consumers with Network Partners by offering consumers the ability to click from our website to a Network Partner’s website or by calls for which Network Partners pay fees.
We are continually working to improve the consumer experience.
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We believe that consumers with existing LendingTree-branded associations will be more likely to utilize our other service offerings than those of other providers whose brands consumers may not recognize.
−Removed: We introduced our Spring platform, which provides a relationship-based consumer experience, rather than just a transaction-based experience.
−Removed: Our Spring platform offers a personalized comparison-shopping experience, financial health advice and credit simulations by providing free access to credit scores and credit score analysis.
−Removed: This authenticated and secure platform enables us to monitor consumers' credit profiles, identify and alert them to changes in their financial health, and to recommend loans and other offerings on our marketplace that may be more favorable than the terms they have at a given point in time.
−Removed: Customers can track the progress of their financial health over time based on actions they have taken, and see recommended credit score improvement actions, loans or other products offered by LendingTree.
By expanding our portfolio of financial services offerings, we have grown and diversified our business and sources of revenue.
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We continue to monitor the current global economic environment, specifically inflationary pressures and interest rates, and any resulting impacts on our financial position and results of operations.
−Removed: During 2022, the challenging interest rate environment and persistent inflationary pressures presented challenges for many of our mortgage, consumer and insurance partners.
−Removed: We saw the most significant impact in our Home segment as mortgage rates nearly doubled in 2022, causing a sharp decline in refinance volumes and pressure on purchase activity.
−Removed: Although our Insurance segment rebounded from the trough in the fourth quarter of 2021, the recovery was slower than expected as demand from our carrier partners remained volatile as they continued to attempt to implement premium increases to offset the effect of inflation on claims.
−Removed: In addition, the auto and home insurance industry was impacted in 2022 by persistent industry headwinds, supply chain issues, rising accident severity and frequency, and hurricane losses.
−Removed: During 2023, the challenging interest rate environment and inflationary pressures continued to present challenges for many of our mortgage, consumer and insurance partners.
+Added: During 2023, the challenging interest rate environment and inflationary pressures presented challenges for many of our mortgage, consumer and insurance partners.
In our Home segment, mortgage rates hit multi-decade highs of nearly 8% in October, then proceeded to drop below 7% by December, ending the year at 6.6%.
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In the last months of 2023, we began to see advertising budgets from our carrier partners increase.
−Removed: During 2024, the challenging interest rate environment and inflationary pressures have continued to present challenges for many of our mortgage lending partners.
+Added: During 2024, the challenging interest rate environment and inflationary pressures continued to present challenges for many of our mortgage lending partners.
In our Home segment, mortgage rates remained relatively consistent in 2024, with the annual average mortgage rate in 2024 of 6.7% compared to 6.8% in 2023.
However, these rates are more than doubled compared to the low annual average mortgage rates seen in 2021.
−Removed: The increased mortgage rates continue to cause reduced refinance volumes and continue to put pressure on purchase activity.
−Removed: Additionally, the restrictive lending conditions continue to pressure our Consumer segment.
−Removed: In our Insurance segment, demand from our carrier partners increased significantly in 2024 and we are optimistic about maintaining the strong performance in the Insurance segment as we head into 2025.
+Added: The increased mortgage rates continued to cause reduced refinance volumes and continued to put pressure on purchase activity.
+Added: Additionally, the restrictive lending conditions continued to pressure our Consumer segment.
+Added: In our Insurance segment, demand from our carrier partners increased significantly in 2024.
+Added: During 2025, we continue to see high interest rates, inflationary pressures and low existing home sales negatively impacting our mortgage lending partners.
+Added: In our Home segment, mortgage rates remained relatively consistent in 2025, with the annual average mortgage rate in 2025 of 6.6% compared to 6.7% in 2024, but remain significantly increased compared to the low rates seen in 2021.
+Added: A shortage of in-the-money refinance borrowers persists given the current higher level of mortgage rates, and historically low existing home sales are suppressing consumer demand for purchase loans.
+Added: Our Consumer segment has benefited from the recent Federal Reserve rate decreases, and our lenders are generally broadening in credit appetite.
+Added: In our Insurance segment, carriers are broadly experiencing strong automotive underwriting results following multiple quarters of premium increases and stable loss cost trends.
+Added: We are optimistic about maintaining the strong performance in the Insurance segment as we head into 2026.
Segment Reporting
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purchase mortgage, refinance mortgage, and home equity loans and lines of credit.
−Removed: We ceased offering reverse mortgage loans on our marketplace in the fourth quarter of 2022.
Our Consumer segment includes the following products:
credit cards, personal loans, small business loans, auto loans, deposit accounts, and other credit products such as debt settlement.
−Removed: We are in the process of exiting the student loan business and plan to be substantially completed by the end of the first quarter of 2025.
We ceased offering credit repair products at the end of the second quarter of 2023 when we shut-down our Ovation business.
Our Insurance segment consists of insurance quote products and insurance policies in our agency businesses.
+Added: We exited the insurance agency business in the second quarter of 2025.
Segment revenue is as follows (in thousands) :
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For our credit card product, we send click traffic to issuers and are generally paid per card approval.
−Removed: Revenues from our Insurance products are primarily derived from upfront match fees, and upfront fees for website clicks or fees for calls, earned through the delivery of consumer requests, as well as commissions earned on policy sales in our agency businesses.
+Added: Revenues from our Insurance products are primarily derived from upfront match fees, and upfront fees for website clicks or fees for calls, earned through the delivery of consumer requests.
+Added: For the year ended December 31, 2025, one Network Partner, Progressive Casualty Insurance, accounted for 27% of total consolidated revenue, all of which was recorded within our Insurance segment.
For the year ended December 31, 2024, two Network Partners, Progressive Casualty Insurance and Allstate Insurance Company, accounted for 22% and 11%, respectively, of total consolidated revenue, all of which was recorded within our Insurance segment.
−Removed: For the years ended December 31, 2023 and 2022, no Network Partners accounted for more than 10% of total consolidated revenue.
+Added: For the year ended December 31, 2023, no Network Partners accounted for more than 10% of total consolidated revenue.
We partner with lenders throughout the United States to provide full geographic lending coverage and to offer a complete suite of loan offerings on our marketplace.
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The data is utilized to determine whether a lender and its principals are eligible to participate on our marketplace and have not been convicted of and/or penalized for fraudulent activity.
−Removed: Consumers seeking purchase or refinance mortgages through our loan marketplace can receive multiple conditional loan offers from participating lenders in response to a single consumer request form.
+Added: We offer the following Home lending products on our online marketplace:
+Added: • Home equity loans and lines of credit, which enable homeowners to borrow against the equity in their home, as measured by the difference between the market value of the home and any existing loans secured by the home.
+Added: Home equity loans are one-time lump sum loans, whereas a home equity line of credit reflects a line of revolving credit where the borrower has flexibility to draw down and repay the line over time.
+Added: • Purchase mortgage loans product, which matches consumers in the market looking to buy a new home with our network lenders.
+Added: • Refinance mortgage loans product, which matches consumers in the market looking to refinance their existing mortgages with our network lenders.
+Added: Consumers seeking home loans through our loan marketplace can receive multiple conditional loan offers from participating lenders in response to a single consumer request form.
We refer to the process by which we match consumers and Network Partners as the “matching process”.
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All matched Network Partners and any conditional offers are presented to the consumer upon completion of the consumer request form.
−Removed: Consumers can return to the site and view their offer(s) at any time by logging in to their Spring profile.
+Added: Consumers can return to the site and view their offer(s) at any time by logging in to their on-line profile.
Additionally, matched lenders and offers are also sent to the email address associated with the consumer request.
−Removed: We also offer matches to providers of other Home lending products on our online marketplace that include the following:
−Removed: • Home equity loans and lines of credit, which enable homeowners to borrow against the equity in their home, as measured by the difference between the market value of the home and any existing loans secured by the home.
−Removed: Home equity loans are one-time lump sum loans, whereas a home equity line of credit reflects a line of revolving credit where the borrower has flexibility to draw down and repay the line over time.
−Removed: • Reverse mortgage loans, which were loan products available to qualifying homeowners age 62 or older.
−Removed: We ceased offering matches to providers of reverse mortgage loans in the fourth quarter of 2022.
Consumer Segment
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Auto loans enable consumers to purchase new or used vehicles or refinance an existing loan secured by an automobile.
−Removed: • Credit cards, which include offerings from most major card issuers.
+Added: • Credit cards, which include offerings from many major card issuers.
• Personal loans, which are typically unsecured obligations generally carrying shorter terms and smaller loan amounts than home mortgages.
−Removed: • Small business loans, which include a broad array of financing types including, but not limited to, loans secured by working capital, equipment, real estate and other forms of financing, provided to small and medium-sized businesses.
+Added: • Small business loans, which are typically short term loans used for the purpose of working capital, expansion and other forms of business financing provided to small and medium-sized businesses.
• Student loans, which includes both new loans to finance education and related expenses, as well as refinancing of existing loans.
−Removed: We are in the process of exiting the student loans business, and plan to be substantially completed by the end of the first quarter of 2025.
Non-lending Consumer products also includes information, tools and access to the following:
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We generate revenue from the deposit account product when a consumer clicks from our website through to a financial institution's website.
−Removed: We generate revenue from debt relief services through a fee for a customer referral to a service provider partner or through a fee at the time a consumer enrolls in a program with one of our Network Partners.
+Added: We generate revenue from debt relief services through a fee for a customer referral to a service provider partner.
Insurance Segment
−Removed: Our Insurance segment includes information, tools and access to insurance quote products, including automobile, home, life, health and Medicare, through which consumers are matched with insurance lead aggregators to obtain insurance offers, as well as insurance policies in our agency businesses.
+Added: Our Insurance segment includes information, tools and access to insurance quote products, including automobile, home, life, health and Medicare, through which consumers are matched with insurance lead aggregators to obtain insurance offers.
Our QuoteWizard business is one of the largest insurance comparison marketplaces in the growing online insurance advertising market.
ValuePenguin, a personal finance website that offers consumers objective analysis on a variety of financial topics related to insurance, is also part of our Insurance segment.
+Added: We exited the insurance agency business in the second quarter of 2025.
We intend to continue adding new offerings for consumers, small businesses and Network Partners on our online marketplace, in order to grow and diversify our sources of revenue.
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Revenue in our Home segment is subject to cyclical and seasonal trends.
−Removed: Home sales (and purchase mortgages) typically rise during the spring and summer months and decline during the fall and winter months, while refinancing and home equity
−Removed: activity is principally driven by mortgage interest rates as well as real estate values.
+Added: Home sales (and purchase mortgages) typically rise during the spring and summer months and decline during the fall and winter months, while refinancing and home equity activity is principally driven by mortgage interest rates as well as real estate values.
However, in certain historical periods additional factors affecting the mortgage and real estate markets, such as the current high interest rate economic period, the 2008-2009 financial crisis and related recession as well as the economic conditions related to the COVID-19 pandemic, have impacted customary seasonal trends.
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Our personal loan product experiences less consumer demand during the fourth and first quarters of each year.
−Removed: We also anticipate less consumer demand for credit cards in the fourth quarter of each year, and we anticipate higher consumer demand for deposit accounts in the first quarter of each year.
+Added: Our small business loan demand typically peaks early in the first quarter, then softens for a period of time before increasing from late third quarter through the fourth quarter in anticipation of holiday-related funding needs.
+Added: We also anticipate less consumer demand for credit cards in the fourth quarter of each year, and we anticipate higher consumer demand for deposit
+Added: accounts in the first quarter of each year.
Other factors affecting our businesses include macro factors such as credit availability in the market, interest rates, inflation, the strength of the economy and employment.
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patent related to the system and method for collecting financial information over a global communications network, that expires in 2032.
−Removed: We also owned one provisional U.S.
−Removed: patent related to systems for determination of fair market value of a mortgage lead that expires on July 26, 2025, at which time a non-provisional patent application may be filed.
Many of our services are offered under proprietary trademarks and service marks.
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11 of those marks are registered outside of the United States, and 42 are registered or in the midst of the application process with the United States Patent and Trademark Office (“USPTO”).
−Removed: Of the 43 marks registered or pending with the USPTO, six have applications pending but have not yet been registered.
+Added: Of the 42 marks registered or pending with the USPTO, nine have applications pending but have not yet been registered.
These registrations can typically be renewed at 10-year intervals.
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Our code of business conduct and ethics, which applies to all employees, including all executive officers and senior financial officers and directors, is posted on the investor relations section of our website.
−Removed: Any amendments to or waivers of the code of business conduct and ethics that are of the type described in Item 406(b) and (d) of Regulation S-K will be disclosed on our website or in public filings to the extent required by the applicable rules.
+Added: Any amendments to or waivers of the
+Added: code of business conduct and ethics that are of the type described in Item 406(b) and (d) of Regulation S-K will be disclosed on our website or in public filings to the extent required by the applicable rules.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.