Discover Home Loans Recognized as a Celent Model Bank 2021 Award Winner

For the second consecutive year, Discover Home Loans has been named as the Celent Model Bank award winner, this time for operational excellence during COVID-19. Celent is a global research and advisory firm for the financial services industry. This award honors financial institutions for excellence in using technology to enhance the customer experience.

Discover Home Loans (DHL) quickly adjusted to the challenges the pandemic created by enabling its employees to work remotely and providing more digital options for borrowers to originate loans safely and conveniently. DHL transformed its centralized operations to decentralized remote work for 99% of its staff within two weeks. It also accelerated planned technology and process changes to provide alternative loan appraisal options, remote loan esigning and virtual loan closings in applicable states. These initiatives allowed DHL to maintain loan processing timelines in a safe, socially-distant manner. Additionally to assist existing customers facing COVID-related economic hardships, DHL provided loan forbearance options. These changes helped DHL achieve high levels of customer satisfaction while growing lending volume by 26%.

"The speed at which we delivered very complex initiatives around COVID-19 showcased our team's capabilities," says Nicole Straub, vice president and general manager of Discover Home Loans. "Our digital operations were able to thrive due to flexible technology despite the pandemic. We were able to observe the performance of our business in a crisis, and we have been pleased with the strong results."

"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 and mortgage refinance loans 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 trusted brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers 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 www.discover.com/company.