Fifth Third Bank launches new warehouse lending business – News

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Fifth Third Bank launches new warehouse lending business – News

Cincinnati-based Fifth Third Bank NA, part of Fifth Third Bancorp, a regional lender with about $207 billion in assets, has launched a new arm of warehouse financing that will serve independent mortgage bankers.

The lender’s new warehouse finance arm will be led by Donnie Martin, who has over 25 years of experience in the mortgage industry. Martin, Group Head of Warehouse Mortgage Finance at Fourth Third, a team of warehouse lending professionals, will be based in Dallas.

“We bring the commercial banking resources of Fifth Third to the mortgage industry to help our clients achieve their long-term strategic goals,” Martin said.

Fifth Third (NASDAQ: FITB), one of the nation’s largest regional banks, announced the new warehouse finance unit, highlighting that it can deliver the liquidity, lending and banking solutions demanded by independent mortgage bankers . Warehouse loans provide short-term funding to mortgage bankers that provides interim liquidity until the loan can be sold or securitized in the secondary market.

“Fifth Third’s Mortgage Finance Connect technology platform will provide customers with efficient, same-day financing that integrates with existing processes,” announced new warehouse lender Arm State Bank. “Fast execution, coupled with a broad product range, gives mortgage bankers the tools they need to succeed in a fast-paced and ever-changing industry.”

The new Mortgage Warehouse business joins Fifth Third’s Matching Lending Group, Capital Markets’ Full Loan Dealing Desk and Cash Management Solutions team serving mortgage bankers nationwide.

“At Fifth Third, we want to be the banking partner of choice for independent mortgage bankers,” said Kevin Lavender, Head of Commercial Banking at Fifth Third Bank. “Our focus on resources and relationships enables us to provide solutions to our clients’ most pressing business issues.”

Warehouse lenders ended the second quarter with $132 billion in commitments on their books, down 3.6% from the first quarter and down 9% from a year ago, according to Inside MortgageFinance.

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