ICBA Mortgage Solutions, powered by LenderLive, has added a new jumbo fixed-rate and ARM product to its correspondent lending offerings, expanding its reach to a new area of lending.
The new product offers loan amounts up to $2 million, with 15- and 30-year fixed or 5/1 and 7/1 ARMs.
As a result, the new product allows banks to better serve customers in high-priced markets.
The offering may prove to be well received as sales of the priciest 1% of homes are up 21.1% so far this year. This follows a gain of 35.7% in 2013.
“While this segment of the housing market is small, it continues to gain strength and community banks are always looking for products that best serve their customers and enhance the overall customer relationship,” Ron Haynie, executive vice president of ICBA Mortgage, said.
Previously, Robert Kallio, senior vice president of ICBA Mortgage Solutions, said community banks had to work with large aggregators if they wanted to serve customers who required mortgage loans above $417,000.