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Bank of Internet Launches Jumbo Portfolio Loan Program Through Its Correspondent & Wholesale Broker Channels

^{Published on 2010-06-10 06:14:45 - Market Wire}
 

SAN DIEGO, CA--(Marketwire - June 10, 2010) - BofI Holding, Inc. (NASDAQ: [ BOFI ]) ("BofI") announced that its wholly-owned subsidiary, Bank of Internet USA, has launched a Jumbo and Super Jumbo portfolio loan program in California designed for the affluent, sophisticated home mortgage borrower who will not settle for anything less than the highest level of service, flexibility and privacy that the industry has to offer.

Jerry Konzen, previously with Thornburg Mortgage, was recruited by Bank of Internet to spearhead this new program. When asked how BofI plans to compete in this market, Mr. Konzen replied, "We offer a concierge level of service to brokers, correspondents and their customers. We provide customers with highly customized portfolio financing solutions that exceed their expectations." Due to Mr. Konzen's experience with this caliber of clientele, he has implemented very strict internal privacy controls to protect the information received from brokers and correspondents.

Bank of Internet has always been very selective with its borrowers, and as a result, has one of the lowest ratios of non-performing assets in the country. With strong capital ratios and a significant available lending capacity, BofI plans to portfolio the jumbo home mortgage loans that it originates through this new program. Also, as one of the most efficient banks in the country, BofI can competitively price its loans like a big bank, but provide customer service with the feel of a smaller, private bank.

Unlike other home mortgage originators, BofI is retaining the Jumbo and Super Jumbo program loans in its portfolio which allows the client more flexibility and more features. For example, BofI will accept pledged assets, will vest in entities, and freedom to make common sense underwriting decisions.

BofI has recently hired two Account Executives Professionals, Mindy Lambdin and Ellen Callen, both from Thornburg, and Leigh Porter, former Thornburg VP of Underwriting, to complete this very experienced team.

For additional information on BofI's Jumbo and Super Jumbo home mortgage loan programs, contact Jerry Konzen at 858-350-6200 ext 6268 or email [ jerry.konzen@bankofinternet.com ].

BofI Holding, Inc. (NASDAQ: [ BOFI ]) is the holding company for Bank of Internet USA (the Bank), a nationwide savings bank that operates primarily through the Internet. The Bank provides a variety of consumer and wholesale banking services, focusing on gathering retail deposits over the Internet, and originating and purchasing single and multifamily mortgage loans, and purchasing mortgage-backed securities. BofI operates its Internet-based bank from a single location in San Diego, California. For more information on Bank of Internet USA, please visit [ www.bankofinternet.com ].