Regents Bank Offers Warehouse Lines of Credit in San Diego County
Contributed by Darla Clark, Executive Vice President, Regents Bank San Diego
Did you know that Regents Bank has a unit that offers warehouse lines of credit to Mortgage Bankers in San Diego County?
- We offer lines up to $5,000,000.
- Regents Bank has local operations in San Diego which expedites the funding of loans for the mortgage companies.
- There are net worth requirements for the mortgage companies and the owners personally guaranty the warehouse line.
- Conventional loans – Frannie, Freddie, and VA loans. All “A” paper are allowed for funding.
The warehouse line of credit is used to fund pre-sold mortgage loans that have been preapproved by the investor. The investor (large banks like BOA, Wells, Sun Trust) after receiving the original promissory note, purchase the loan off the warehouse line of credit.
The Bank receives the original promissory note from the mortgage company that is similar to a “security” ( mortgage backed security) that is then sent to the investor for purchase. The investor will then wire funds to the bank for the purchase and the funds are used to pay off the advance on the warehouse. The bank charges $150.00 per package funded on the line plus the interest for the time the advance is outstanding on the warehouse line of credit.
At Regents Bank you’ll find we offer services and solutions for all of your commercial banking needs. For more information on warehouse banking and our complete portfolio of business banking services, contact Regents Bank San Diego:
Executive Vice President
501 W. Broadway #550
San Diego, Ca. 92101
Posted on October 31, 2011, in Banking Services, Uncategorized and tagged Business Banking, commercial banking, Darla Clark, Regents Bank San Diego, warehouse lines of credit. Bookmark the permalink. Leave a comment.