NexBank Reaches Out to Non-Conforming Market With New Product Offering
NexBank has announced the launch of the Mortgage Connect Program, a suite of traditional, non-conforming mortgage products to support loans from $250,000 to $2 million-plus. The Mortgage Connect program features common-sense underwriting and is funded directly from NexBank’s balance sheet. According to Jed Meaux, vice president and head of NexBank’s Mortgage Division, the success of the bank’s recent Jumbo Connect program led management to create Mortgage Connect.
“Our Jumbo Connect mortgage program specialized in non-conforming loans between $417,000 and the $2 million-plus range,” Meaux said. “It proved that there’s a strong need in the current market for traditional, non-conforming lending products with common-sense underwriting and fast turn times.”
NexBank Chief Executive Officer John Holt said that by satisfying continued demand for traditional non-conforming solutions in the North Texas market, the Mortgage Connect program plays a strategic role in the bank’s growth and expansion plans.
“As the Texas housing market continues to weather volatile economic times, we want NexBank to be a key resource for mortgage brokers looking for common-sense solutions at competitive rates,” said Holt.
“By expanding our balance-sheet offerings to include loans down to $250,000, the Mortgage Connect program allows us to serve the funding needs of most homeowners in the North Texas market," said Meaux. "It not only provides capital that’s increasingly hard to find, it’s structured with the distinct needs of mortgage brokers in mind.”
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