Bankrate Inc. today announced it has signed exclusive marketing agreements with LowerMyBills.com and iHomeowners Inc., two Internet companies that connect consumers with mortgage lenders.
Under these agreements, Bankrate will run graphic advertisements from the two companies on the home page, mortgage and refinance channels, calculators and other areas of the Bankrate Web site on a category-exclusive basis. Bankrate may also participate in a performance-based revenue sharing opportunity with each of the two companies. Specific financial terms of the one-year agreements were not released.
In November 2004, Bankrate issued a Request for Proposal (RFP) to seven mortgage lead aggregators. After analyzing and considering the submitted proposals, LowerMyBills.com and iHomeowners were awarded contracts. LowerMyBills.com won the platinum-level agreement, and iHomeowners won the gold-level contract.
In 2004, Bankrate ran graphic Internet ads from seven mortgage lead aggregators, including LowerMyBills.com and iHomeowners. In 2005, LowerMyBills.com and iHomeowners will be the only aggregators running ads on the Bankrate site.
Bankrate Inc. (NASDAQ:RATE) owns and operates Bankrate.com, an online consumer banking marketplace, which reviews more than 4,800 financial institutions in more than 400 markets in 50 states.
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