Discover hits $1B milestone in home equity loans

  • Discover Financial Services' headquarters n Riverwoods.

    Discover Financial Services' headquarters n Riverwoods. STEVE LUNDY/Daily Herald file

 
Updated 9/20/2019 9:45 AM

RIVERWOODS -- Discover Home Equity Loans has reached a milestone by exceeding $1 billion in total loan balance and doubling origination volume each of the last two years.

Discover's growth in the past two years has made it the second largest originator of closed-end second mortgages in the U.S., based on the Mortgage Bankers Association's 2019 Home Equity Lending Study.

                                                                                                                                                                                                                       
 

"Reaching the $1 billion milestone highlights the tremendous growth we've experienced in just the past two years," said PK Parekh, senior vice president of Discover Home Equity Loans.

Anticipating further growth, Discover Home Equity Loans is begun hiring in field operations and headquarters to provide needed customer service and attention.

Discover launched the program in 2013.

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