Yet more review suggests that Jackson Hewitt may have published inaccurate information on its disclosure. B of I says that it does not have a relationship with the Smart Line.
BofI Federal Bank, a holding company for the Bank of the Internet, is a thrift from San
Diego with approximately $2.4 billion in assets.
Some of the bank's activities square up with a traditional bank focused on commercial real estate and business lending. The company makes loans on multi-family properties. In fact, the company has a subsidiary, known as Apartment Bank, just for that purpose. Among their segments:
- Reverse Mortgages
- Mobile Home Parks
- Multi-unit student housing developments
- Mixed-use properties
- Several types of capital for health-care businesses, such as long-term acute care residential facilities, hospices, or pharmaceutical labs.
- Savings and checking accounts that offer airline miles.
The company buys structured settlements, which generally involve trading the rights to a future life insurance payment for a series of payments or a lump sum during the lifetime of the borrower.
When I asked a direct banker in the loan division at B of I about the Smart Line, he said "That is an unusual product. We have a lot of unusual products."
But when pressed further, it seems that B of I is insisting that Jackson Hewitt has published the wrong information about the loan.