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UPDATE 1-Discover Financial launches home loans business
June 12 |
June 12 (Reuters) - Credit card company Discover Financial Services' launched a home loans business as it looks to expand its direct banking products.
The new unit, Discover Home Loans, will offer prime variable and fixed-rate conventional and Federal Housing Administration loans, the company said in a statement.
"Home loans are a product our customers have been asking for," said Carlos Minetti, president of consumer banking and operations for Discover.
The company, which lends directly to consumers and also competes with Visa Inc and MasterCard Inc to process transactions for banks, acquired Home Loan Center, the online mortgage origination business of Tree.com Inc in May 2011.
Shares of the Riverwoods, Illinois-based company closed at $32.40 on Monday on the New York Stock Exchange.
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