Letter from LendingTree to Brokers

Here is a letter that I received today as a former LendingTree marketing partner. It’s old news but I thought I’d share the spin here:

Dear Lender Partners,

I have some important and very good news to share: IAC has named a new leadership team for LendingTree. C.D. Davies is the new CEO and Bob Harris is the new President and COO. C.D. and Bob are both exemplary leaders with awesome track records, and I know they will make an outstanding team. The combination of C.D.’s deep mortgage industry expertise and Bob’s intimate knowledge of LendingTree is a powerful one, and their leadership will be great for the company’s future. You can read the official news release here:

http://www.lendingtree.com/stm3/pressroom/PressReleaseDtl.asp?PRID=528

I also want to let you know that Lori Collins, who currently runs the LendingTree Exchange business, has decided to pursue some exciting international opportunities within IAC. Lori has been a fantastic leader and major contributor to LendingTreeâ??s success over the past seven years. We are still very committed to the Exhange business, and it now falls under Bob’s leadership as president of the company. Lori and Bob will work hand in hand in the next few weeks to ensure a smooth and seamless transition. The good news here is that Bob is well-versed in the business and is also well-known to many of you.

Also, as you know, we’re in a difficult mortgage environment, and LendingTree is not immune to the challenges. Last week we reduced the size of our workforce by about 20%. It was an extremely difficult decision to make, but it was driven by the need to keep our costs in line with the realities of the current mortgage market. It’s important for you to know that our marketing engine continues to drive steady increases in volume, and we expect LendingTree to remain solidly profitable for the year. As we bring our costs in line, the fact that we have a great brand and a lot of high quality volume means that we can continue to grow together.

We’re moving as quickly as possible to make the necessary changes to account assignments, and if you have a new account manager, you can expect to hear from him or her in the next several days. We remain committed to the success and growth of our lender network, and to providing you with the highest level of service. I thank you for your continued partnership and support as we work through the changes over the next couple of weeks. Each of these stepping stones will lead us to a stronger, more efficient and mutually successful network.

Sincerely,

Doug Lebda

President and COO

IAC