Capital Markets Cooperative and the Bank of Internet have formed an alliance to offer a proprietary jumbo product that the bank has just started offering on a correspondent basis.
Brian Swanson, senior vice president and head of the residential lending division at Bank of Internet, told this publication the jumbo product is being made available through the correspondent channel for the first time on a prior-approved flow basis. He stressed that there would be no delegated underwriting of the product.
Loans could be up to $5 million and greater. Foreign nationals, pledged assets, condominiums, cooperatives, limited liability companies, trusts, partnerships, second homes or investment properties could be eligible for inclusion in them.
Separately the bank on Monday said it had hired former regulator Thomas Williams as its chief risk officer, a role it has decided to split off from that of its chief credit officer.
Williams most recently was executive director of commercial credit review at Capital One, New York. He also previously has served as director of regulatory relations at Silicon Valley Bank, Santa Clara, Calif., was principal examiner at the Federal Reserve Bank of San Francisco and was a national examiner with the Office of the Comptroller of the Currency.
