Bank of Internet Launches Jumbo TPO Effort

Bank of Internet USA, San Diego, said it has launched a new jumbo lending effort in California using loan brokers and correspondent funders. The depository will originate its first loan next week, said a top official at the company. Heading the initiative for the Internet-only depository is Jerry Konzen, a former regional manager for Thornburg Mortgage, Santa Fe, N.M. Konzen, who was based in San Diego for Thornburg, told National Mortgage News that BoI would like to gear up jumbo (and super jumbo) production to a rate of at least $300 million a year but isn't ready to make any solid predictions at this time. He also hopes to eventually expand out the effort to other states. BoI is concentrating its effort on what it calls "affluent sophisticated borrowers," adding that it wants "the upper-end client." Konzen said the minimum downpayment on any jumbo or super jumbo mortgage is 20%, but it will go as low as 10% if the borrower keeps marketable securities or a certain amount of deposits in the bank.