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Discover To Pay $55.9 Million To Buy Tree.com's Mortgage Business

DOW JONES NEWSWIRES Discover Financial Services (DFS) agreed to pay about $55.9 million to acquire Tree.com Inc.'s (TREE) mortgage origination business, as the company aims to add a residential mortgage component to its direct-to-consumer banking business. The company, both a lender to cardholders and a processor of transactions, said it plans to originate eligible consumer mortgages to sell in secondary markets on a servicing-released basis. The unit--called Home Loan Center but operating as LendingTree Loans--originates and processes consumer mortgage loans. The deal is subject to the approval of regulators and Tree.com's stockholders, and is expected to close by the end of the year. For its part, Tree.com said the deal will allow it to focus on core businesses, and expects to use proceeds from the transaction for business investments. Separately, Tree.com reported its first-quarter loss widened as selling and marketing expenses jumped, and a 25% drop in revenue, to $33.4 million. Discover earns revenue on its credit card loans, as well as the fees it charges banks and merchants, such as grocery stores or gas stations, to process card payments. The company has been ramping up other businesses, such as private student and personal loans, as it seeks revenue growth. Discover's shares closed up 2 cents at $24.20 Thursday, while Tree.com's ended up 4.7% at $5.40. Both stocks were inactive after hours. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for Lendingtree (TREE)
DateTimeHeadline
02/04/201611:00:00Residents Of The West And New England Have Nation's Highest Credit...
01/28/201615:51:19Statement of Ownership (sc 13g)
01/25/201614:18:00Down Payment Amounts Rise as Housing Market Strengthens
01/14/201609:00:00LendingTree Announces $50 Million Stock Repurchase Program
01/12/201616:23:38Current Report Filing (8-k)
01/12/201616:19:00LendingTree Expects to Exceed FY 2015 Guidance; Announces Date...
01/08/201609:00:00America's Financial Resolutions for 2016
01/07/201609:00:00LendingTree Appoints Sam Yount as Chief Marketing Officer
01/04/201612:00:00LendingTree, Inc. to Present at the 18th Annual Needham Growth...
12/17/201514:11:00LendingTree Sees Resurgence of Home Equity Lending
12/15/201512:08:58Statement of Changes in Beneficial Ownership (4)
12/10/201508:00:00American Express Joins LendingTree Credit Card Marketplace
12/07/201514:45:00LendingTree, Inc. to Participate in KeyBanc Capital Markets 2015...
11/23/201512:30:00LendingTree Joins Google Compare for Mortgages
11/18/201516:47:00Average Down Payments Rise as Housing Demand and Buyer Competition...
11/18/201512:58:47Statement of Changes in Beneficial Ownership (4)
11/13/201508:47:59Statement of Changes in Beneficial Ownership (4)
11/12/201520:20:00LoanDepot Postpones IPO
11/12/201516:47:22Current Report Filing (8-k)
11/12/201514:47:00LendingTree Announces Top Ten Customer-Rated Lenders for Q3 2015

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