Firm Says it Has Turnkey Solution for Warehouse Lending

Looking to "take advantage of a space screaming for help," Mortgage Warehouse Network, Houston, is rolling out a turnkey solution to help depositories enter the 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 is in the throes of a severe credit crisis with many banks and Wall Street firms leaving the business or 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.