BOFI Federal Bank, San Diego, is ready to kick off its new warehouse lending business, targeting correspondent lenders.
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Barry Epstein, who recently departed as the bank's vice president in charge of warehouse lending, said the bank hopes to cater to the jumbo market as well.
He described BOFI's correspondents as “brokers” who are converting to a higher lending status.
The bank's wholesale/correspondent division is headed by Darin Judis, the son of Gary Judis who managed Aames Financial back in the 1960s.
Epstein helped set up BOFI's warehouse effort but after three years of commuting back and forth to Los Angeles, he decided to step down.
An Internet-bank with one office, BOFI has $2 billion in assets.
