People's United Financial Inc., which recently entered mortgage warehousing, has amassed credit applications for almost $500 million, according to a company executive.
"A lot of that is former customers," said Paul Best, the senior vice president in charge of warehouse lending for the Bridgeport, Conn., company. "We're ready to cut our first line."
Those "former" clients came from PNC Financial Services Group Inc., where Best worked until December. PNC left the program last summer. People's hired Best this year, and he began contacting PNC's former nondepository mortgage banking customers. "We have about $100 million in commitments," he said in an interview.