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Uncover Says It Will Close Mortgage Unit, Cutting 460 Jobs

Learn Economic Solutions says it will close its household lending enterprise and will do away with 460 jobs, or about three percent of its workforce.

Discover says the business isn’t meeting its economic expectations and it wants to concentrate on its banking solutions, which are a lot more lucrative. It will continue to offer property equity loans by means of Uncover Bank.

The Riverwoods, Illinois-based business purchased the home lending business from LendingTree.com Inc. in 2012, paying $55.9 million.

Learn says its Irvine, California, office will cease accepting mortgage applications Tuesday. An office in Louisville, Kentucky, will keep accepting applications until July 31. It says AmeriSave Mortgage will start off processing applications to that workplace in August, and AmeriSave will also present jobs to about 125 Find out workers.

As of Jan. 31, Discover had 14,676 staff.

Its shares slipped 16 cents to close at $58.06 on Tuesday.

About Brad Glenn

Brad Glenn
He was born in Tacoma, WA. He graduated from New York University with a degree in Computer Sciences, and now works for an international technology company in Texas. Alongside his day job, John enjoys blogging on tech sites and his personal blogs.

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