Discover's jilted mortgage business finds home with Guaranteed Rate

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Dive into the latest Technology affecting RE, July 17, 2018

Takeaways:

  • Guaranteed Rate is bulking up staff to service its new online mortgage offering.
  • Discover Home Loans said it shut down its mortgage operations to focus on “profitable banking products.”

Discover Home Loans’ mortgage origination business has found a new home with Guaranteed Rate, the nation’s eighth-largest mortgage lender.

Guaranteed Rate announced today that it has tapped 75 loan officers from Discover Home Loans to service customers who are using the company’s recently launched Digital Mortgage product.

Since Digital Mortgage’s rollout in June, more than 4,400 people have secured more than $1.4 billion in loans using the new technology, according to the company.

“We’re excited to add more great talent to our existing group of top producers,” said Victor Ciardelli, president and CEO of Guaranteed Rate.

“The timing couldn’t be more perfect.”

That rings true — around the same time as the Digital Mortgage launch, Discover announced it would shut down its mortgage operations, saying it prefers to focus on “profitable banking products” instead.

Digital Mortgage is an online mortgage loan application process that can take a consumer from application to loan approval in about 20 minutes, according to Guaranteed Rate.

Email Amy Swinderman.