NexBank Introduces Jumbo Mortgage

NexBank SSB, Dallas, has announced the introduction of a jumbo mortgage product for home loans in the $1.5 million to $10 million range, citing "the void recently created by the turmoil in the credit markets."The new product "offers less execution risk for mortgage brokers" and provides an attractive option for high-end borrowers in Dallas whose options have been limited by the national decline in mortgage lending, the bank said. "For the last few years, rates have spiraled out of control, to the point that making home loans didn't make good business sense," said David Deadman, chief executive officer and president of NexBank. The new jumbo product will help "fill the void" created by the credit turmoil, he said. The company can be found on the Web at http://www.nexbank.com.