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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
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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