Warehouse lender First Collateral Loan Services, Concord, Calif. -- a Citigroup company -- is no longer accepting new mortgage banking customers, industry sources have confirmed to MortgageWire.At deadline time, First Collateral could not be reached for comment. According to the Mortgage Industry Directory, First Collateral is the fifth-largest warehouse lender in the United States, as measured by commitments. Sources say another large warehouse provider based on the West Coast is also contemplating exiting the market. "Warehousing isn't the best business to be in right now," said one warehouse veteran. Late last week, Dow Jones first reported that First Collateral would not take on new clients.
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