BANKING / FINANCE
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Seeing an opportunity in mortgage banking, Pacific Inland Bank in Anaheim has set up a subsidiary to make single-family home loans and then sell those loans to investors in what is known as the secondary market.
PIB Mortgage Co. operates out of the bank’s Anaheim headquarters and a San Jose office. In its first full month of operations, it expects to fund $10 million in loans and hopes to double that figure next month, said Joyce McKenzie, chief financial officer of the bank’s holding company, Pacific Inland Bancorp.
The bank capitalized the subsidiary with $2 million, $800,000 in cash and the rest in a loan due within a year.
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