Discover becomes the second largest originator of closed-end second mortgages in the U.S.1
RIVERWOODS, Ill.–(BUSINESS WIRE)–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.
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.