PNC Consumer Services to Process Home Equity Loans for Discover(R) Cardmembers

Sep 05, 2002, 01:00 ET from PNC Bank

    PITTSBURGH, Sept. 5 /PRNewswire-FirstCall/ -- PNC Consumer Services, a PNC
 Financial Services Group, Inc. (NYSE:   PNC) business, is joining with Discover
 Financial Services, Inc., a business unit of Morgan Stanley (NYSE:   MWD), to
 provide origination services for Discover(R) Card's consumer loan program.
 Discover Cardmembers now have quick and easy access to home equity loans and
 lines of credit through an online lending center, available 24 hours a day,
 seven days a week, hosted by PNC Consumer Services through the Discover Card
 web site at and through the Discover customer
 service center at 1-800-207-2925.
     Discover Cardmembers can apply for home equity loans and lines of credit
 online 24 hours a day, seven days a week at or by
 calling 1-800-207-2925 to speak with a loan specialist.  PNC Consumer Services
 generally responds to application submissions in 30 seconds or less.
     "Discover Card is pleased to team with PNC Consumer Services, which brings
 24/7 application processing, Internet application capabilities and 30-second
 credit decisioning, in most instances, to the Discover Home Loans program.
 These, among other origination processing resources, greatly contribute to
 offering Discover Cardmembers very competitive pricing on home equity lines of
 credit and installment loans," said Tom White, vice president, Mortgage
 Lending, Discover Financial Services, Inc.
     "PNC Consumer Services has significant experience managing the loan
 programs of leading consumer loan providers and consistently delivering
 excellent service to the customers of these programs," said James DeFoggia,
 senior vice president, PNC Consumer Services.  "We look forward to working
 with Discover Financial Services to provide world-class home equity loan
 origination services to Discover Cardmembers whether they apply online or
 through our customer call center."
     Discover Financial Services becomes the most recent national financial
 services company to choose PNC Consumer Services to provide processing
 services for its lending program.
     With the launch of the Discover Home Loans program, Discover Cardmembers
 are offered a consumer credit alternative that allows them to tap the equity
 in their homes to finance their long and short-term goals.  In today's low-
 interest rate environment, many homeowners are using home equity loans to
 consolidate bills and lower monthly payments, remodel or add on to a home,
 finance a college education, pay for a wedding and more.  Interest on home
 equity loans may be tax deductible; however, borrowers should always consult
 with their personal tax advisors regarding the deductibility of interest.
     The Discover Financial Services web site, at, is a
 one-stop financial shopping destination where visitors can apply for a
 Discover Card or a personal loan and purchase life insurance, as well as open
 certificate of deposit or money market accounts and access brokerage services.
 Discover Home Loans complements these products by offering Discover
 Cardholders additional financial solutions.
     Discover Financial Services, a business unit of Morgan Stanley, operates
 the Discover Card brands and the Discover Business Services network for its
 more than 50 million Cardmembers.  Discover Business Services is the largest
 independent credit card network in the United States with approximately
 4 million merchant and cash access locations.
     PNC Consumer Services was established by PNC Bank in 1999 to leverage the
 company's technology and operations infrastructure to originate, fulfill and
 service loans for financial services companies.
     PNC's regional community banking business provides deposit, electronic
 banking and credit products and services and non-FDIC insured branch-based
 brokerage products to retail customers as well as deposit, credit, treasury
 management and capital markets products and services to small businesses.
     PNC Bank, N.A., is a member of The PNC Financial Services Group.
 Headquartered in Pittsburgh, PNC is one of the nation's largest diversified
 financial services organizations, providing regional community banking,
 corporate banking, real estate finance, asset-based lending, wealth
 management, asset management and global fund services.
                 Visit PNC Bank on the Web at
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