The new division, Luther Burbank Mortgage, will have its own suite of residential loan products from Luther Burbank Savings but will arrange a loan from another bank or investor if it is more advantageous for the customer, according to the company.
Jay Robertson, who most recently was president of First Capital Mortgage, Los Angeles, will be president of the new division. He will oversee lending staff in all Luther Burbank Savings branches, including Beverly Hills, Encino, Pasadena, Toluca Lake, San Jose, Los Altos, San Rafael and Santa Rosa.
Luther Burbank Mortgage will have dual headquarters in Santa Monica and Newport Beach, Calif., with residential loan officers available in all branch locations by late 2013 or early 2014.
“Luther Burbank Savings has $3.6 billion in assets and will originate over $1 billion in loans in 2013. To give an idea of scale, Luther Burbank Mortgage is budgeted to originate $1 billion in loans in its second year of operations, CEO John Biggs said in a press release.