June 17, 2015
Discover Financial Services has decided to exit the home-mortgage business. The move leads to about 460 layoffs, with 390 of them in Irvine.
Instead, the company is now focusing on its consumer-banking business. Discover bought the mortgage business in 2012 from Tree.com, and there are also operations in Louisville, Ky.
The business is expected by the company to be terminated in August. It will still offer home equity loans through Discover Bank.