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Stock Market & Financial Investment News

News Breaks
December 17, 2012
08:37 EDTDFSDiscover November delinquency rate 1.84% vs. 1.84% last month
News For DFS From The Last 14 Days
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June 26, 2015
16:48 EDTDFSDiscover files automatic mixed securities shelf
June 18, 2015
09:06 EDTDFSDiscover coverage resumed with a Buy at Stifel
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June 17, 2015
06:31 EDTDFSHanmi added to Top Picks List, Discover removed at FBR Capital
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June 16, 2015
15:50 EDTDFSDiscover to close home loans business, sees 4c per share charges related to exit
Discover Financial announced that it is closing the mortgage origination business it acquired in 2012 to focus on its profitable direct banking products for which the company sees greater opportunities for growth. "The business is not projected to meet our financial expectations due to ongoing challenges to our home loans operating model, so we made the difficult decision to exit," said Carlos Minetti, president of consumer banking for Discover. Discover Home Loans will accept applications at its Louisville, Ken., offices through July 31. Business operations will continue there until early August, when Atlanta-based AmeriSave Mortgage Corporation is expected to finish processing the remaining applications. AmeriSave plans to establish an office in Louisville and offer jobs to approximately 125 Discover employees. At Discoverís Irvine, Calif., location, the business will stop accepting applications as of today and will continue processing and funding loans already in process. In all, Discover plans to offer severance packages to about 460 employees, primarily in Irvine, and Louisville. Charges related to exiting the business are expected to be approximately 4c per share. Discover will continue to originate home equity loans through Discover Bank, the company noted.

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