Discover Home Equity Loans has announced that it exceeded $1 billion in total loan balance and doubling origination volume each of the last two years.
According to the Riverwoods, Ill.-based company, 80 percent of its applications this year have been submitted online, compared to the industry average of 15 percent in 2018. Discover Home Equity Loans launched in 2013 and offers loan amounts from $35,000 to $200,000. It is currently the nation’s second largest originator of closed-end second mortgages.
“Reaching the $1 billion milestone highlights the tremendous growth we’ve experienced in just the past two years,” said P.K. Parekh, senior vice president of Discover Home Equity Loans. “We have kept the customer front-of-mind in creating a process that combines exceptional service from our agents with intuitive online capabilities, setting us up for even more explosive growth in the future.”