In an optimistic move, North American Mortgage Co. has secured a three-year, $1.2 billion warehouse line of credit funded by a consortium of 16 commercial banks.
This line of credit replaces an $800 million warehouse line.
"We accomplished the key goals that we set for ourselves when the renewal process began," said John F. Farrell Jr., chairman and chief executive, in a prepared statement. "These goals included reducing our borrowing costs and substantially increasing the credit facility to provide the financing necessary to support our growing originations. In addition, we sought to provide added flexibility in the terms and conditions of the facility to meet the changing needs of our business," he said.