SANTA ROSA -- Luther Burbank Savings plans to launch an expanded residential mortgage division this October, offering its own loan products to borrowers and referring customers to other lenders, the Santa Rosa-based lender announced.
Based in Santa Monica and Newport Beach, the new division named Luther Burbank Mortgage will oversee residential loan officers in each Luther Burbank branch by late 2013 or early 2014. The $3.6-billion-asset lender hired Jay Robertson, formerly president of Los Angeles' First Capital Mortgage, to head the new division.
"Customers interested in a residential mortgage will soon have a very experienced professional at every branch to serve them," said John Biggs, Luther Burbank chief executive, in the announcement.
Luther Burbank announced that it will readily refer customers to other lenders and investor, but expressed confidence that its terms would be favorable. The division is expected to originate $1 billion in new loans during its second year of operation, nearly doubling the entirety of new loans anticipated for 2013, said Mr. Biggs.
"Luther Burbank has a lot of phenomenal products, but with this division, customers will have great service and the peace of mind of knowing they're getting the very best deal and service when looking for a mortgage loan," Mr. Robertson said.
The lender currently has eight branches throughout Northern and Southern California.