Home equity product at LendingTree works similarly to auto and mortgage. You have a lot of banks in the LendingTree network that are able to "compete" for your business.
You start by filling out a long form, then your information is sent to lenders. It is not clear how LendingTree selects lenders for you, but since I have never received four offers from LendingTree, presumably it's based on simply who will take me.
The rates are good, not great. The process is fast on home equity, but that has a lot more to do with home equity loans than any efficiency LendingTree adds to the process.