Few loans, large ones
Its typical loan was $2.0 million, against $175,000 at similar lenders, which here means the 76 national banks making between half and twice as many loans. Half its loans were jumbo (larger than the conforming limit), against 2.8% at those peers. Refinances made up 92.6% of the book. With only 27 loans, a handful of big deals can set the pattern, so these figures say more about a few borrowers than about a strategy.