Wednesday, March 14, 2007

RV Loans Approved for Motorhomes, Fifith Wheels & Travel trailers by Bank of Internet

SAN DIEGO, CA – March 13, 2007 — In response to inquireries, Bank of Internet USA today announced that it has funded RV Loans for the first time in March. In October of 2006, B of I announced its intention to focus lending efforts on home equity loans and start a recreational vehicle lending program.

"We recognize that RV lending has more credit risk than prime mortgage lending and that as our portfolio grows, it is unlikely that we will be able to avoid credit losses, as we have in our mortgage loan portfolio, “ stated Mr. Evans. “However, we have the right credit culture and based upon our limited results, we believe we can focus our originations on the most qualified RV borrowers across the country to help mitigate the credit risk."
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