Discover Financial Services, Riverwoods, Ill., has finally closed on its purchase of LendingTree Loans, also known as Home Loan Center, from Charlotte, N.C.-based Tree.com for a total purchase price of $46 million. An additional $10 million of the purchase price is due on the first anniversary of the purchase, subject to certain conditions.

Approximately $17 million is being held in escrow pending the discharge of certain contingent liabilities not assumed by Discover related to loans previously sold to secondary market investors.

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