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Capital One suddenly exits mortgage and home equity business ...

However, the company explained external challenges worked against the division such as the high competition and the low rate environment, preventing it from being profitable.

This announcement comes after, in 2015, Capital One stepped up its game to be a major player in the digital space. And echoing others in the industry, it moved into digital because that’s what consumers want.

As company closes its home loan division it will lay off 750 people in Plano, Texas and about 155 employees in St. Cloud, Minnesota and Melville, New York, a company spokesperson said. The company will continue to service its existing and pending home loans, but it will not originate new ones.

Capital One will continue to provide specialized multifamily financing to the real estate development and investment community, including customized national agency finance solutions through Fannie Mae , Freddie Mac and FHA.

Additionally, as Yajnik said in the email, the company plans to continue its mortgage servicing operations for the time being, but will be evaluating its options moving forward in that area as well.

Capital One will eliminate 15% of its St. Cloud jobs

A financial services processing center that has bolstered downtown St. Cloud is losing 130 jobs — 15 percent of its local workforce.

Capital One Financial Corp. said the cuts are part of a move to exit the home mortgage origination and home equity loan businesses.

The company said 900 employees will be cut in coming months: About 750 in Plano, Texas, and 25 in Melville, New York, as well as the 130 in St. Cloud. 

St. Cloud Mayor Dave Kleis said Thursday the city knew the significant amount of restructuring at Capital One might indicate layoffs. 

"You never want to see any loss of jobs," he said.

Capital One currently has about 860 employees in St. Cloud. As of Sept. 30, Capital One's enterprise employee count was 50,400, according to its third quarter regulatory filings. 

Capital One issued a statement saying "home lending is a complex and highly competitive business. It is a crowded field with multiple players and borrowers have a broad range of options." 

Does Capital One have a loan that I can use to pay off another credit card, besides a home loan?

I do not own a home. My Capital One interest rate is about half of my other credit card.


They offer personal unsecured loans, but make sure your credit is good before applying.

Thanks!