twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
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.

New Lender Looking to Grow as Large as Quicken Loans

Lofty aspirations outlined at investor conference Thursday

March 22, 2012

By staff

A new player in the online home lending market told investors that it hopes to originate as much in residential loans as Quicken Loans Inc.

During 2011, Quicken's home-loan production was $30 billion. That was $1 billion more than the Detroit-based company closed in 2010 and its highest level of volume on record.

The record originations landed the online lender in the No. 8 position last year based on data collected by Mortgage Daily.

But Quicken's standing could be challenged if Discover Financial Services reaches lofty goals outlined to investors Thursday.

In May 2011, an agreement was disclosed for Discover-subsidiary to acquire Home Loan Center from The cost of the acquisition was reported at $55.9 million.

Executives at today's meeting with investors said that the deal is expected to close within the next 90 days. No legacy loan portfolio is involved.

Discover said that the lender has an experience management team, two call centers and 300 licensed mortgage bankers.

Once the new unit, which will operate as Discover Home Loans, is up and running, loans will be originated through a proprietary direct-to-consumer technology platform for sale on a servicing-released basis. Product offerings will include conforming first liens as well as mortgages that are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

The company will provide streamlined processes that are differentiated for purchase and refinance transactions. A simple, step-by-step application process will be utilized, and each prospective borrower will be assigned to a dedicated mortgage banker.

Discover plans to market to its existing base of customers, though business will also be generated from online lead aggregation.

Carlos Minetti, who is Discover's president of consumer banking and operations, said that Home Loan Center is currently originating $3 billion a year. The company has been operating at a 50-basis-point margin.

But he noted that Home Loan Center currently has no marketing capabilities and sees volume growing substantially.

"Our aspiration is to be as large as Quicken Loans is today ... even better as a matter of fact," Minetti said in response to one analyst's question.

However, David Nelms, Discover's chairman and chief executive officer, quickly chimed in, "I think we're going to walk before we run."

next story

back to current headlines

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.

Mortgage Technology news
Technology news for originators, executives and servicers. Coverage of LOS systems, loan product and p r i c i n g engines and other technology offered to the mortgage industry.

Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders