Southwest Securities FSB, Dallas is cutting back the dollar amount of warehouse credit it lends to nonbanks, according to mortgage officials familiar with the situation.
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At National Mortgage News' deadline, David Frase, executive vice president in charge of warehouse lending, had not returned two telephone calls about the matter.
One manager said he has received telephone calls from his customers requesting additional credit lines because of warehouse cutbacks at Southwest, a subsidiary of SWS Group, a publicly traded company.
A warehouse source said a client of his recently requested an increase in their line from Southwest and instead was told they were being cut back by half.
