LendingTree LLC has hired former Axiom legal chief Lisa Young after the online lending marketplace lost its full-time as general counsel in 2019.
She took over from co-general counsel Ryan Quinn and Valentya DeCristo, interim leaders after Laura Yens’ departure, on Jan. 4. Yens spent just four months with LendingTree before starting Padrona Payments Advisory Group in New York, according to her LinkedIn profile.
Young comes on board as the company voices optimism about sales. Fourth quarter revenue will be $220 to $222 million, up from the previous projection of $200 million to $215 million, the company said Jan. 12.
“LendingTree was a disruptive force in the late 1990s and has continued to innovate over 20 years,” Young told Bloomberg Law. “It was such a perfect fit for both my financial services background and my desire to work with innovative and disruptive companies.”
She previously worked for alternative legal services provider Axiom, where as general counsel she oversaw the spinoff of Knowable and Axiom Managed Solutions, now branded as Factor.
Before Axiom, she was the general counsel of fintech company Enova International, where she worked for nearly a decade. She has also worked for JPMorgan Chase and law firms McGuireWoods, Hogan Lovells, and Goldberg Kohn.
Though the mortgage industry had a strong 2020 overall thanks to the Federal Reserve’s low interest rates, LendingTree had multiple money-losing quarters last year.
The company reported net losses of $8.6 million and $24.8 million in the second and third quarters of 2020. Chief Financial Officer J.D. Moriarty partially attributed the losses to decreased demand in consumer categories like personal loans and credit cards.
But Moriarty said the consumer vertical showed “sustained signs of recovery,” contributing to the company’s positive expectations. The company’s online platform My LendingTree attracted over 15 million new users last year, up from around 14 million in 2019, the Charlotte, N.C.-based company said.
Full fourth quarter results will be released Feb. 25.
Last June, LendingTree and its subsidiary QuoteWizard.com were sued over its alleged illegal use of automated dialing systems to make marketing calls. QuoteWizard.com denied all allegations in a Jan. 5 court filing. Young said LendingTree does not comment on ongoing litigation.
Along with Young, LendingTree also announced the addition of Scott Totman as its new chief technology officer.