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A warehouse line of credit is a credit line used by mortgage bankers. It is a short-term revolving credit facility extended by a financial institution to a mortgage loan originator for the funding of mortgage loans. The cycle starts with the mortgage banker taking a loan application from the property buyer.
Warehouse lenders typically offer this financing within a tight timeline, with the expectation that the loan will be sold right after closing, at which point the lender gets repaid. Correspondent ...
A commercial mortgage is a mortgage loan secured by commercial property, such as an office building, shopping center, industrial warehouse, or apartment complex.The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.
Generally, a mortgage bank originates a loan and places it on a pre-established warehouse line of credit until the loan can be sold to an investor, which are typically large institutions. The credit risk is typically absorbed by the Agencies, which include Fannie Mae , Freddie Mac , and Ginnie Mae .
Interest rates: A portfolio loan usually comes with the same features as a traditional mortgage: a fixed interest rate over a 30-year term that reflects the financial profile and assessed ...
Once a mortgage banker originates a loan, the banker can keep the loan in its portfolio and service it. Alternatively, they can sell it on the secondary market , sell the servicing rights to ...
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