The warehouse line lending solution to mortgage industry liquidity issues has definitely started gotten the attention of the mortgage industry. Coverage is spreading like wildfire! Here are some updates today. First, we are featured on the front page of MortgageChronicle.com:
Firm Aims to Boost Warehouse Liquidity
Titan Lenders Corp. launched a warehouse lending platform to help community banks and credit unions enter warehouse lending, a press release stated. Titan said financial institutions can replace deteriorating revenue with income earned from financing originations for mortgage bankers. In addition, the institutions will boost economic activity in their communities by providing warehouse financing to local mortgage bankers.
And, we just found out we were featured in American Banker and National Mortgage News:
Small-Bank Warehouse Facility
Titan Lenders in Denver has started a service platform for warehouse lending operations to ease community bank and credit union entry into warehouse lending…
The issue is certainly timely and the need is great, as today’s Mortgage Implode-O-Meter reinforced:
“Clients of warehouse lenders Guaranty Bank and National City (PNC) were called with the news today that they intend to exit their warehouse lending lines of business. Both banks intend to phase out their mortgage warehouse lending operations, taking the same non-renewal approach as client contracts expire over the next 12 to 18 months.
“Guaranty Bank reportedly has $1.1 billion in outstanding commitments. With National City’s $4.3 billion, the two banks comprise an estimated 27% of all warehouse lending volume still in existence — and a huge blow to non-depository lenders who rely on these lines-of-credit to fund loans for their clientele.”
We’re not the kind of people who would say ‘I told you so,’ but if we were, now is when we’d say it. More updates soon! Mary and Ruth
