People’s United Sees Four-Fold Increase in Warehouse Commitments

The warehouse commitment business is booming at People’s United Bank of Connecticut which last fall hired industry veteran Paul Best from PNC Bank to run its operation.

Like what you see? Click here to sign up for a National Mortgage News free trial and daily newsletter to get the latest feature stories, news headlines, data, and in-depth analysis on the issues impacting the mortgage industry.

According to figures submitted to National Mortgage News, at June 30 People’s had $450 million of commitments on its books, a four-fold increase from a year ago.

Its customer base now totals 25 nonbanks. A year ago it had just 10.

Best is a well known figure in warehouse circles. For years he ran warehouse lending for National City Bank before that institution was sold to PNC Bank.  PNC, however, did not like the warehouse business and began winding down its operations well over a year ago.

Although People’s is based in Bridgeport, Conn., its warehouse group is headquartered in Louisville, Ky., where Best resides.

Daily Briefing | Thursday, August 11, 2011

  • Jobless Data and Rally in Stocks Reverse Course of Record-Low Rates

    Relatively favorable jobless claims and a rally in the stock market Thursday reversed the course of mortgage rates, causing them to bounce back from what Freddie Mac’s latest weekly survey confirmed have been a record lows.

  • FLHBs Want a Pass on Risk Retention

    The Federal Home Loan Bank System is seeking an exemption from pending risk retention rules so they can continue to provide risk-sharing mortgage programs that they claim have exhibited “superior credit performance” for more than a decade.

  • Consumer Lawyer Questions HAMP’s Impact

    An Obama Administration official and a Seattle attorney squared off at the American Association of Residential Mortgage Regulators annual meeting in San Francisco, with one claiming that “dual track” servicing has all but ended but the other saying that’s not the case, at least not in the Puget Sound area.

  • Buttner Gets Strategies Job at Wells

    Michael Buttner, most recently head of residential mortgage-backed securities for Wells Fargo Securities, has been named managing director of the unit’s bank strategies group.

  • NAR: Home Prices Fall, but Stabilization Afoot

    Prices of single-family homes fell almost 3% in the second quarter compared to the same period last year with distressed transactions accounting for 33% of existing home sales, according to new figures compiled by the National Association of Realtors.

  • NovaStar Turns a Small Second Quarter Profit

    NovaStar Financial Inc., a former high flyer in the subprime mortgage originations business now pursuing the appraisal niche and others, reported net earnings of $457,000 for the second quarter, up from $256,000 one year prior.

  • Reverse Lender Starting Wholesale

    Reverse Mortgage Solutions, a Houston-based originator and servicer of FHA Home Equity Conversion Mortgages, is starting a wholesale production channel for these loans.
    The company is an approved Ginnie Mae HMBS issuer and for the past two years has been aggregating closed loans for securitization, noted chairman and chief executive Robert Yeary. It also operates a call center to originate HECMS as well. …

  • States Told to Expect ‘Flood’ of Consumer Complaints

    State mortgage regulators should get ready for a swarm of consumer complaints against lenders this fall, a California lawyer who focuses on unfair lending practices and foreclosures warned.

  • Existing Investors Pump $30 Million Into ISGN

    Mortgage technology and fulfillment outsourcing vendor ISGN raised $30 million in fresh capital from its existing group of investors.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_408/peoples-united-4-fold-increase-warehouse-commitments-1026077-1.html?CMP=OTC-RSS

Leave a Reply

WP Facebook Auto Publish Powered By : XYZScripts.com
Bunk Beds