Discover Home Loans Named a Celent Model Bank 2020 Award Winner
30 Aprile 2020 - 7:42PM
Business Wire
Recognized for Innovating Like a Fintech
Discover Home Loans has been named as the Celent Model Bank 2020
award winner in the Mortgage Lending category and is being
recognized for innovating like a fintech. Celent is a global
research and advisory firm for the financial services industry.
Their awards honor financial institutions for excellence in using
technology to enhance the customer experience.
“Discover Home Loans won the award by building a digital
mortgage experience and simplifying and automating related
processes. Customers can quickly and easily apply online, get
evaluated for credit and available equity and receive accurate and
personalized loan options,” said PK Parekh, senior vice president
of Discover Home Loans. “Over 80% of applications start online and
over 90% of borrowers use the website between application and
funding to view disclosures, upload documents, and check their loan
status.”
Celent also recognized Discover’s eClosing capabilities which
allows consumers in certain states to electronically sign many
closing documents prior to the physical closing. In light of the
current pandemic and social distancing guidelines, the digital
eClosing process for closing agents, lenders and mortgage customers
is an added benefit as it reduces the amount of time the agent and
customer must spend together at the closing. This program also led
to a 46% reduction in notary errors, an 80% reduction in turn time
from closing to recording and higher operational productivity due
to the reduction in required support for each closing. Discover
currently offers eClosing in certain states covering 50% of its
customers and plans to make it available nationwide by the end of
May.
The eClosing process has garnered over 90% adoption among
eligible consumers. These consumers have responded positively
saying, “An efficient and hassle free closing process without fees.
What more can a client ask for?”
“This Discover Home Loans initiative shows that established
financial institutions can build an innovative end-to-end digital
mortgage origination platform as well or better than fintech
startup companies,” said Craig Focardi, Senior Analyst at
Celent.
Discover Home Loans offers home equity loans and mortgage
refinance from $35,000 to $200,000 with low, fixed rates and zero
origination fees. For more information on Discover Home Loans,
visit DiscoverHomeLoans.com.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
has become one of the largest issuers of credit cards, online
deposit products, and consumer loans in the United States. The
company issues the Discover card—America's cash rewards pioneer—and
offers private student loans, personal loans, home loans, checking
and savings accounts and certificates of deposit through its
banking business. It operates the Discover Global Network comprised
of Discover Network, with millions of merchant and cash access
locations; PULSE, one of the nation's leading ATM/debit networks;
and Diners Club International, a global payments network with
acceptance around the world. For more information, visit
Discover.com/company.
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Sheetal Shah Discover sheetalshah@discover.com 224-405-0297
@Discover_News
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