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Capital One Financial Corporation, a distinguished name in the financial services sector, was established in 1988 in Richmond, Virginia. Known for its credit card business, Capital One expanded its services to include auto and personal loans, along with comprehensive banking services such as savings and checking accounts. Positioned as one of the largest consumer lenders in the U.S., the company primarily focuses on consumer financial services, while also catering to business accounts and commercial banking needs.
Capital One Mortgage and HELOC Products
Capital One previously offered a wide range of mortgage products, including conventional, VA, FHA and HELOCs. However, in 2017, Capital One announced they were exiting the consumer residential mortgage and home equity space. By 2018, Capital One sold its mortgage assets and left the mortgage industry behind.
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Capital One’s Divestiture from Mortgage
Capital One sold approximately $17 billion in residential purchase and refinance mortgages to DLJ Mortgage Capital, Inc., a subsidiary of Credit Suisse AG. The sale, marking a new chapter in Capital One’s history, was completed in the second quarter of 2018, leading to a notable gain for the company.
Capital One transferred loan servicing responsibilities for current mortgage holders to various reputable financial institutions, including Bank of America, Carrington and Mr. Cooper.
Prior Mortgage Products
When active, Capital One’s mortgage lending business was somewhat limited in focus, originating loans only in the states of New York, Connecticut, New Jersey, Delaware, Maryland, Virginia, Washington, D.C., Louisiana and Texas. They offered mortgages of up to $2 million, with the conforming loan limit at the time only being $417,000, compared to 2024’s $766,550. Capital One was an authorized lender for both FHA and VA mortgages and co-op loans that were only available in New York.
Capital One Mortgage Refinance
Capital One offered the same products for mortgage refinancing as they did for mortgages to purchase a home. This is because when you refinance a mortgage, you simply replace the old mortgage with a new one with more desirable terms. Borrowers often do this to obtain a lower mortgage rate, shorten their loan term to pay it off faster, extend their loan term to reduce their monthly payments or replace an ARM with a fixed-rate loan.
Capital One Home Equity (HELOC)
Capital One previously offered both home equity loans and home equity lines of credit (HELOCs). On home equity loans, the minimum loan amount was $10,000 and is repaid as a fixed-rate loan over a period of years.
Capital One History
As a Fortune 500 entity, Capital One stands tall among the top 10 banks in the United States by deposit size. It operates retail outlets predominantly in New York, New Jersey, Texas, Louisiana, Maryland, Virginia, and the District of Columbia. Additionally, it serves customers nationwide through phone, direct mail and its robust online platform.
In 2012, Capital One broadened its spectrum by acquiring ING Direct USA, further diversifying its range of banking and investment products. Despite this acquisition, ING Direct USA has retained its unique identity.
Capital One continues to excel in offering various financial products and services to individuals, small businesses, and commercial clients. With $333 billion in deposits and $455 million in total assets for FY2022, the company remains a formidable presence in the financial industry. Headquartered in McLean, Virginia, Capital One maintains its commitment to innovation, customer service, and strategic growth in the ever-evolving financial landscape.