Firm Offering Turnkey Operations for Warehouse Lenders

Mortgage Warehouse Network, Houston, is rolling out turnkey operations aimed at helping depositories enter the underserved warehouse-lending arena. Company chief operating officer Jeff White said its services consist of everything but "pushing the button on the wire for the bank." MWN said it provides the back office and systems, plus experienced personnel, while the bank controls the credit parameters. The warehouse-lending sector has been in the throes of a severe credit crisis because many banks and Wall Street firms have left the business or been unwilling to lend because of high capital requirements and eroding home values. The target bank for Mortgage Warehouse Network is one with $5 million in capital and willing to leverage it on a 10-to-one basis.