NexBank of Dallas has launched a mortgage warehouse lending division, offering lines of credit of up to $10 million to nondepositories.
According to Jed Meaux, the vice president in charge of the effort, NexBank is committing $100 million to the program and has racked up contracts totaling almost $47 million.
It also will extend credit on jumbo loans, provided the lender has a commitment from an investor to buy the mortgage.
The $568 million-asset community bank will only make lines of credit available to mortgage bankers with a net worth of at least $1 million. It will not lend out of state, though it is keeping its options open.
NexBank plans to lend to mortgage brokers who are trying to become bankers and will consider lower net worth requirements, depending on the firm. Though NexBank publicized its warehouse start-up in a press release Monday, the program has been up and running for several weeks.
During his career, Meaux has worked for a handful of mortgage companies, including the warehouse division of Novastar Financial.