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Discover Launches Mortgage Business in Continued Expansion

By Kristin Jones Discover Financial Services (DFS) launched its home-loan origination business as the lender continues its push beyond credit cards. Discover first disclosed its plans last year to originate mortgages when it said that it was buying assets from Tree.com Inc. (TREE), an online lending program. Discover, best known for its credit cards, had laid out plans to originate mortgages that conform to Freddie Mac (FMCC) and Fannie Mae (FNMA) standards and sell the loans in the secondary market. In March, the company said it planned to launch its online mortgage business by mid-year. "Home loans are a product our customers have been asking for, and our approach offers the simplicity, transparency and personalized service for which Discover is known," Carlos Minetti, president of consumer banking and operations, said on Tuesday. The company will offer prime variable- and fixed-rate loans, and web access to documents and loan status will be provided on www.discoverhomeloans.com. The move into mortgages is in line with the lender's moves to diversify its business, which is heavily dependent on credit-card loans. Discover has also begun offering private student loans and personal loans. Discover has also pushed to become a full-service online bank, with a wide array of financial products. Shares closed Monday at $32.40 and were inactive premarket. The stock is up 35% so far this year. Write to Kristin Jones at kristin.jones@dowjones.com

Stock News for Lendingtree (TREE)
DateTimeHeadline
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
05/05/201519:28:32LendingClub Draws Competitors in Spades
05/01/201518:17:31Tree.com Downgraded by Zacks to "Hold" (TREE)
05/01/201505:27:59Tree.com Price Target Increased to $75.00 by Analysts at BWS...
05/01/201504:30:38Tree.com PT Raised to $70.00 at Needham & Company LLC (TREE)
04/30/201517:29:52Quarterly Report (10-q)
04/30/201516:07:32Additional Proxy Soliciting Materials (definitive) (defa14a)
04/30/201516:03:10Proxy Statement (definitive) (def 14a)
04/30/201509:11:42Current Report Filing (8-k)
04/30/201509:00:00LendingTree Reports Record First Quarter Results; Increasing...
04/17/201515:30:00LendingTree, Inc. to Report First Quarter 2015 Earnings on April...
03/24/201516:00:00Study Shows Borrowers Can Save up to $1,000 on Average by Comparison-Shopping...
03/16/201516:16:06Annual Report (10-k)
03/12/201511:20:45Amended Statement of Changes in Beneficial Ownership (4/a)
03/06/201510:00:00LendingTree, Inc. (Nasdaq: TREE) to Ring The Nasdaq Stock Market...
02/25/201521:19:10LendingTree's (TREE) CEO Doug Lebda on Q4 2014 Results - Earnings...
02/25/201509:11:01Current Report Filing (8-k)
02/25/201509:01:00LendingTree Reports Record Fourth Quarter Results; Increases...

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