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VirtualBank here will offer a line of jumbo and super jumbo mortgage loan products, with principal balances up to $4 million, through its network of broker and correspondent lenders. The company says it will guarantee that qualified loans close within 48 hours.
VirtualBank Mortgage is hoping to appeal to the bank's traditionally wealthy clientele, and to other similar borrowers brought to the company through its wholesale channel, with a line of jumbo loans offered in all 48 continental states.
"Brokers have always had limited options when it comes to loans over $300,700," said Mr. Trevor Rozowsky, EVP of VirtualBank and president of VirtualBank Mortgage. "Because we lend for portfolio, we have the flexibility to apply our understanding of the business and work with our partners to service qualified borrowers who require more detailed consideration."
VirtualBank Mortgage will offer four basic jumbo products to brokers and correspondents:
- Gold Rate Line, offering...