Capital One Shuts Down Discover’s Home Equity Lending

Article Summary

Capital One Financial Corp. has announced the closure of Discover’s home equity and mortgage refinance lending business following a strategic review of its newly acquired operations. Discover Home Loans is no longer accepting new applications, though existing ones will be processed. The decision reflects Capital One’s reassessment of the business’s fit within its broader portfolio and signals a shift away from home equity lending.

The move comes amid broader changes in the mortgage market and follows Capital One’s recent sale of $1 billion in commercial real estate loans to Fortress Investment Group. While the company has not detailed future plans for mortgage lending, it emphasized support for affected customers and employees during the transition. This exit may create opportunities for local lenders to fill the gap in home equity services.

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Local Business Types for Broadcasters to Consider Contacting

Credit Unions Offering Home Equity Loans – These institutions can use broadcast media to highlight their stability and personalized lending options as national players exit the space.
Local Mortgage Brokers – With Discover stepping back, brokers can promote their ability to navigate diverse lending products and offer tailored solutions to homeowners.
Community Banks with Refinance Services – These banks may benefit from increased demand and can use broadcast campaigns to build trust and visibility in home lending.

Three Creative Campaign Ideas for Broadcasters to Consider

Radio Station Commercial Idea: “Local Lending, Lasting Trust” – Feature a credit union stepping up to serve homeowners with flexible home equity options, emphasizing community roots and reliability.
TV Station Commercial Idea: “Refinance with Confidence” – Showcase a community bank helping families lower payments and unlock equity, with visuals of real customer success stories.
Digital Advertising Campaign Idea: “Your Equity, Your Advantage” – Launch an interactive campaign where users explore refinance scenarios, paired with spotlight features on local lenders and limited-time offers.