SAN DIEGO, CA--(Marketwired - Dec 18, 2015) - BofI Federal Bank ("BofI" or the "Bank"), the nationwide bank subsidiary of BofI Holding, Inc. (NASDAQ: BOFI), announced that it has been approved as a Ginnie Mae issuer.
BofI Federal Bank now has direct access to the secondary market for mortgage back securities backed by federally insured or guaranteed loans by the Federal Housing Administration (FHA) or by the Department of Veterans Affairs (VA). This will allow BofI to provide more competitive rates to borrowers.
"Our Ginnie Mae approval provides us with the opportunity to offer loans to a broader set of potential borrowers," stated Brian Swanson, Executive Vice President and Chief Lending Officer. "We look forward to growing our originations and servicing in a deliberate and thoughtful way. We expect to complete our first securitization in early 2016."
About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. ("BOFI") is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $6.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to BofI's financial prospects and other projections of its performance and asset quality, BofI's ability to grow and increase its business, diversify its lending, the outcome and effects of pending class action litigation recently filed against the Company, and the anticipated timing and financial performance of new initiatives. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in interest rates, inflation, government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in BofI's periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and BofI undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
