Fifth Third Bank announces new warehouse loan business

Based in Cincinnati Fifth Third Bank NA, part of fifth third bancorp, a regional lender with approximately $207 billion in assets, has launched a new warehouse finance arm that will serve independent mortgage lenders.

The lender’s new inventory finance arm will be led by Donnie Martin, who has over 25 years of experience in the mortgage industry. Martin, Firth Third’s Group Head of Mortgage Warehouse Finance, will be based in Dallas with a team of warehouse loan specialists.

“We are bringing the resources of Fifth Third’s commercial bank to the mortgage industry to help our clients achieve their long-term strategic goals,” said Martin.

fifth third (NASDAQ: FITB), one of the nation’s largest regional banks, announced its new inventory finance unit to provide the liquidity, credit and banking solutions demanded by independent mortgage lenders. Warehouse Lending provides mortgage lenders with short-term financing that provides interim liquidity until loans are sold or securitized in the secondary market.

“Fifth Third’s Mortgage Finance Connect technology platform will provide customers with efficient same-day financing that integrates with existing processes,” reads the bank’s announcement of its new inventory lending division. “Fast fulfillment coupled with a broad product offering provides mortgage lenders with the tools they need to thrive in a fast-moving, ever-changing industry.”

The new mortgage warehouse business joins Fifth Third’s corresponding lending group, total credit capital markets trading arm and treasury management solutions team to serve mortgage lenders across the country.

“At Fifth Third, we want to be the banking partner of choice for independent mortgage bankers,” said Kevin Lavender, head of commercial banking at Fifth Third Bank. “Our resources and focus on relationships enable us to provide solutions to our customers’ most pressing business problems.”

According to Inside Mortgage Finance, inventory lenders ended the second quarter with $132 billion in commitments, down 3.6% from the first quarter and down 9% year over year.

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