Based in Cincinnati Fifth Third NA Bank, part of Fifth Third Bancorp, a regional lender with some $207 billion in assets, has launched a new arm of warehouse finance 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, head of the warehouse mortgage finance group at Firth Third, and a team of warehouse lending professionals will be based in Dallas.
“We bring Fifth Third’s commercial banking resources 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, emphasized when announcing the new warehouse finance unit that it can offer the liquidity, credit and banking solutions demanded by independent mortgage bankers. Warehouse loans provide short-term financing to mortgage bankers that provides interim liquidity until the loans are sold or securitized in the secondary market.
“Fifth Third’s Connect mortgage financing technology platform will provide customers with efficient same-day financing that integrates with existing processes,” reads the bank’s announcement of the new warehouse lending arm. “Speed of execution, coupled with a broad product range, provides the tools mortgage bankers need to succeed in a fast-paced and ever-changing industry.”
New Mortgage Warehouse Business Joins Fifth Third’s Correspondent Lending Group, Capital Markets Comprehensive Loan Trading Desk and Cash Management Solutions Team Serving Mortgage Bankers Across the country.
“At Fifth Third, we seek to be the banking partner of choice for independent mortgage bankers,” said Kevin Lavender, Head of Commercial Banking at Fifth Third Bank. “Our resources and focus on relationships positions 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.