BNC Mortgage Inc. reported last week that it has a $50 million warehouse credit and security agreement with Residential Funding Corp.
The credit supplies warehousing for conventional, subprime, and second mortgage loans and expires March 1, 2000.
The Residential Funding facility finances BNC Mortgage and its new wholly owned subsidiary Mortgage Logic.com Inc., which acquired the origination platform of America's Lender Inc. on Feb. 26.
Residential Funding also reported that Mortgage Logic.com has a $50 million uncommitted warehouse credit and security agreement with PaineWebber Real Estate Securities Inc. The company also said it is in final discussions with PaineWebber to add a separate $50 million credit facility with BNC Mortgage.