NexBank of Dallas has launched a warehouse lending division, offering lines of credit of up to $10 million to nondepositories.
According to Jed Meaux, vice president in charge of the effort, NexBank is committing $100 million to the program and has already racked up contracts totaling almost $47 million.
It also will extend credit on jumbo loans provided the lender has a take-out commitment on the mortgage.
The community bank, however, will only make lines of credit available to mortgage bankers with a net worth of at least $1 million. It will not lend out of state, though it's keeping its options open for the future.
NexBank will lend to mortgage brokers who are trying to become bankers and will consider lower net worth requirements depending on the individual firm.
Even though NexBank publicized its warehouse launch in a press statement, the program has been up and running for several weeks. During his career Meaux has worked for a handful of mortgage companies, including the warehouse division of Novastar Financial.
