Fifth Third Bank has launched its Mortgage Warehouse Finance business to meet the needs of independent mortgage bankers.
Fifth Third’s Mortgage Finance Connect technology platform will provide clients efficient, same-day funding that integrates with existing processes. The quick fulfillment, together with a broad product offering, provides the tools necessary for mortgage bankers to succeed in a fast-paced, ever-changing industry.
The unit is led by Donnie Martin, who brings more than 25 years of mortgage industry experience to the bank. He has assembled a team based in Dallas.
“At Fifth Third, we look to be the banking partner of choice for independent mortgage bankers,” says Kevin Lavender, head of commercial banking at Fifth Third Bank. “Our resources and focus on relationships position us to provide solutions to our clients’ most pressing business problems. We can collaborate to deliver value for today’s independent mortgage bankers’ business.”
Warehouse lending is a commercial financing arrangement between banks and non-depository mortgage lenders that originate or aggregate residential mortgage loans. The financing arrangement provides interim liquidity until the loan is sold or securitized in the secondary market. Loans are held in “warehouse” from the time they are funded on the facility until they are sold.
“We offer our clients a full banking relationship, industry expertise and technology to deliver excellence in daily execution and consistency through business cycles,” states Martin, group head of mortgage warehouse finance at Fifth Third. “We’re bringing the resources of Fifth Third’s Commercial Bank to the mortgage industry to help our clients achieve their long-term strategic objectives.”