Discover Crosses $1 Billion in Home Equity Loans
20 September 2019 - 7:00PM
Business Wire
Discover becomes the second largest
originator of closed-end second mortgages in the U.S.1
Discover Home Equity Loans has reached a milestone by exceeding
$1 billion in total loan balance and doubling origination volume
each of the last two years. Since first launching the product in
2013, Discover has helped thousands of homeowners attain a brighter
financial future by leveraging the equity in their home to
consolidate debt, make home improvements or pay for major
expenses.
“Reaching the $1 billion milestone highlights the tremendous
growth we’ve experienced in just the past two years,” said PK
Parekh, senior vice president of Discover Home Equity Loans. “We
have kept the customer front-of-mind in creating a process that
combines exceptional service from our agents with intuitive online
capabilities, setting us up for even more explosive growth in the
future.”
The process is so intuitive that 80 percent of applications in
2019 have been submitted online, compared to the industry average
of 15 percent in 2018.2
Homeowners can apply for a home equity loan from Discover 24/7,
from any device. They can also apply over the phone by speaking
with a Personal Banker. Either way, Discover instantly pulls the
customer’s credit report and home valuation to present multiple
loan options.
Discover’s growth in the past two years has made it the second
largest originator of closed-end second mortgages in the U.S.3
Anticipating further growth Discover Home Equity Loans is
actively hiring in both field operations and headquarters to
further provide the expert hands-on customer service and attention
that borrowers deserve.
Beyond an easy application process, Discover Home Equity Loans
offers:
- No application fees, origination fees or appraisal fees and no
cash due at closing
- Flexible repayment terms up to 30 years
- Loan amounts from $35,000 to $200,000
- Fixed APRs from 3.99% to 11.99% for 1st and 2nd liens
For more information on Discover Home Equity loans, visit
www.discoverhomeequityloans.com. For more information on careers at
Discover, visit www. jobs.discover.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest card issuers in the United States.
The company issues the Discover card, America's cash rewards
pioneer, and offers private student loans, personal loans, home
equity loans, checking and savings accounts and certificates of
deposit through its direct banking business. It operates the
Discover Global Network comprised of Discover Network, with
millions of merchant and cash access locations; PULSE, one of the
nation's leading ATM/debit networks; and Diners Club International,
a global payments network with acceptance around the world. For
more information, visit www.discover.com/company.
1 Based on Discover’s independent review of 2018 Loan
Application Records for U.S. lenders of closed-end second
mortgages. Records may be downloaded at
https://ffiec.cfpb.gov/data-publication/modified-lar/2018.
2 Based on the Mortgage Bankers Association’s 2019 Home Equity
Lending Study. The report may be purchased at
https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/home-equity-lending-study.
3 Based on Discover’s independent review of 2018 Loan
Application Records for U.S. lenders of closed-end second
mortgages. Records may be downloaded at
https://ffiec.cfpb.gov/data-publication/modified-lar/2018.
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Media Contact
Sheetal Shah Discover 224-405-0297 sheetalshah@discover.com
@Discover_News
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