The Independent Community Bankers Association recently introduced a new jumbo, fixed-rate and adjustable-rate mortgage product designed to help banks assist customers in high-priced housing markets.
“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,” ICBA Mortgage Executive Vice President Ron Haynie said.
Robert Kallio, the senior vice president of ICBA Mortgage, which offers conventional and jumbo loans, said the new product will allow community banks to serve customers who require large loans.
“Until now, community banks had to work with large aggregators if they wanted to serve customers who required mortgage loans above $417,000,” Kallio said. “We are pleased to offer a product that will meet these customers’ needs while protecting these valuable relationships.”