Apr 20
Our congratulations to First California Mortgage for receiving $50 Million in Warehouse Funding from the Fannie Mae/Natty Mac initiative, as announced this morning in a news release picked up by MBA NewsLink. It is worth noting, we believe, the underlying message in First Cal president Christopher Hart’s remarks, which could be taken as a formula for non-bank mortgage lenders seeking warehouse line relationships under this program and in general:
- “… a defect-free mortgage process…
- “… responsive to the needs of our homeowner customers and business partners …
- “… clearly aligned with the government’s priorities:
- for consumer protection,
- data integrity,
- asset quality and
- complete transparency for consumers and everyone involved in the mortgage market.”
According to First Cal, its market penetration strategy includes wholesale lending through a broker network. Our advice for them is the same we’d offer to any mortgage banker with wholesale aspirations:
“Control the GFE process for all TPOs!”
