|
|
|
|
|
|
Complete list of specialty news sections.
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.
Reach mortgage executives, loan originators and other people tied to mortgage industry.
Free mortgage news for prospective borrowers.
Free e-mail newsletter with the latest headlines from MortgageDaily.com.
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.
Archive of MortgageDaily.com stories by month going back to 1999.
Reports and announcements from MortgageDaily.com.
Data and statistics for real estate finance.
Directories of lenders, branch operators and mortgage service providers.
Directories of lenders, branch operators and mortgage service providers.
|
|
|
|
|
Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.
|
| Lead King Moving Out of Originations
Discover to acquire Home Loan Services from Tree.com
May 13, 2011
By MortgageDaily.com staff
|
The king of mortgage leads is getting out of the loan origination business. The buyer has been in the home-loan business before.
Discover Financial Services will acquire Home Loan Center from Tree.com, a news release Friday said. The unit will fetch a $55.9 million net purchase price.
The deal is expected to close by the end of the year. Tree.com shareholder approval is required before the transaction can consummate.
The unit, which does business as LendingTree Loans, originates, processes and funds residential loans in all states.
LendingTree Loans, itself, said late last year that it would acquire SurePoint Lending. In its first-quarter earnings report, the Charlotte, N.C.-based company confirmed the closing of the acquisition.
SurePoint reported more than $10 billion in originations since inception.
LendingTree reported $2.8 billion in production for 2010. First-quarter volume at LendingTree was 2,300 loans for $0.497 billion, tumbling from $850.4 billion three months earlier and $608.6 billion a year earlier.
Tree.com Chairman and Chief Executive Officer Doug Lebda explained in the statement that proceeds from the sale will go towards other lead verticals, while the move will allow a better focus on the core lead generation business. He noted that demand for the company's leads is currently strong.
But at least some of the net proceeds will be eaten up by $40 million first-quarter loss at Tree.com.
For its part, Discover sees growth opportunities.
"The sale will add a home loan component to Discover's direct-to-consumer banking products, which include credit cards, personal loans, private student loans, certificates of deposit, savings accounts and Roth individual retirement accounts," according to the announcement.
But it's not Discover's first venture into mortgage lending.
Dean Witter Discover Novus Financial operated in the mortgage arena during the nineties.
Former Novus executive Michael Sawyer went on to head Alt-A lender Saxon Mortgage Services Inc., and guide it through its December 2006 acquisition by Morgan Stanley. His own exit from the business preceded the worst of the housing crash.
Another former Novus executive, Peter Schwartz, heads wholesale lending at Nationstar Mortgage LLC. |
next story
back to current headlines
|
The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.
|
Mortgage Leads | Lead Directory
Loan leads for originators, brokers and loan officers. News about lead companies that provide exclusive refinance leads. Stories about mortgage lead generation techniques.
|
Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.
|
|
|
