CAMPBELL, Calif. - Network Financial Services Inc. said its mortgage banking subsidiary, Westmark Mortgage Corp., had received a $15 million credit facility from Lomas Mortgage USA.
This is in addition to the $25 million warehousing facility that Westmark has with a California bank.
Network said it needed the additional credit facility to fund Westmark's growing mortgage volume and the expected increase in volume from the rollout of Network's ProSolutions personal-computer on-line service for real estate agents and mortgage brokers.
The company says ProSolutions automates and integrates everything necessary to prospect, close, and process sales of homes, mortgages, and homeowner insurance.
INDIANAPOLIS - Inland Mortgage Co. says it is expanding its wholesale mortgage operations into Delaware, Maryland, New Jersey, New York, and Pennsylvania.
It expects volume in that region to reach $1.7 billion this year.
OAK BROOK TERRACE, Ill. - Superior Bank, a federally chartered thrift in the Chicago area with about $1 billion of assets, has formed a new division, Centennial Mortgage Co., to conduct all its mortgage operations.
Centennial is expected to originate or buy $500 million in mortgages next year, the thrift said.
"We expect to substantially increase our overall market share in the mortgage business," commented Neal T. Halleran, the president and chief executive officer of Superior Bank.