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Lender Scores 2 Warehouse Lines

Flagstar extends warehouse line to First California

April 26, 2010

By staff

A California-based lender with wholesale operations in the West has beefed up its warehouse capacity for the second time this month.

Flagstar Bank has provided $30 million in warehouse financing to First California Mortgage Co.

In a news release today, Petaluma, Calif.-based First California said the new line-of-credit brings its total funding capacity to $110 million. The additional facility boosts its 2010 origination capacity by 40 percent -- or about 3,000 loans.

The credit facility will be utilized to fund Fannie Mae loans, mortgages insured by the Federal Housing Administration and loans guaranteed by the U.S. Department of Veterans Affairs. In addition, non-agency loans will be financed through the line.

First California said it generates business from its retail channel and from "select brokers" in the Western United States through its FirstCal unit. It also operates DealPoint, a partnership program with community banks.

The company was able to secure more warehouse financing largely as a result of its "efforts to improve the thoroughness and transparency of loan underwriting and processing," Chief Production Officer Mike Lamka said in today's statement.

Last week, First California announced that it was selected as the pilot lender for a recently announced warehouse initiative between Fannie Mae and NattyMac, which is owned by Guggenheim Partners. First California said it secured $50 million through that deal, and Fannie hopes to provide $1 billion in warehouse funding for non-bank lenders in general.

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