Thornburg Outsources Retail to Nexstar

Thornburg Mortgage Inc., Santa Fe, N.M., has outsourced its retail origination function to Nexstar Financial Corp., St. Louis.This includes providing services to participants (mostly financial planners) in the Thornburg Plus program. "Our corporate philosophy is to outsource to best-in-class companies that can provide exceptional, concierge-level customer service at a competitive cost," said Joseph H. Badal, chief executive of Thornburg Mortgage Home Loans Inc., Thornburg Mortgage's mortgage lending subsidiary. Thornburg originated $2.3 billion in 2002 and expects a 15% to 20% increase in volume this year. Nexstar's online and call center system for Thornburg will use the lender's proprietary underwriting guidelines. Thornburg can be found online at http://www.thornburg.com.