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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
07/07/201517:55:00LendingTree Set to Join the S&P SmallCap 600
07/07/201511:00:00LendingTree, Inc. to Report Second Quarter 2015 Earnings on August...
06/24/201514:39:00LendingTree Finds Nearly 60% of Small Business Owners Do Not...
06/22/201515:47:47Statement of Changes in Beneficial Ownership (4)
06/18/201510:00:21Initial Statement of Beneficial Ownership (3)
06/12/201512:38:52Statement of Changes in Beneficial Ownership (4)
06/12/201512:37:05Statement of Changes in Beneficial Ownership (4)
06/12/201512:35:19Statement of Changes in Beneficial Ownership (4)
06/12/201512:34:45Statement of Changes in Beneficial Ownership (4)
06/12/201512:34:19Statement of Changes in Beneficial Ownership (4)
06/12/201512:33:25Statement of Changes in Beneficial Ownership (4)
06/12/201512:30:00LendingTree Reports Average Down Payments Fall in Q1 2015
06/11/201517:09:41Current Report Filing (8-k)
06/10/201516:00:00LendingTree Announces Executive Appointments to Support Growth
06/08/201511:00:00LendingTree Survey Finds Nearly 60% of Americans Don't Know Their...
06/02/201508:30:00LendingTree Adds Ascend Consumer Finance to its Personal Loan...
05/29/201516:07:49Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
05/22/201514:03:00LendingTree Launches New, Simple Way to Shop for Personal Loans
05/11/201516:34:00LendingTree Announces Top Ten Customer-Rated Lenders for Q1 2015
05/11/201516:00:00LendingTree Announces Top Ten Customer-Rated Lenders for Q1 2015

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