Mortgage lender sees increased demand; adds 50 people to staffPETALUMA -- Banking on its preference for funding loans to homebuyers with stable finances, First California Mortgage plans to expand its headquarters office early next year to accommodate more than 50 employees hired locally this year.
The mortgage banker expanded its short-term credit capacity by $110 million so far this year, via three warehouse lending arrangements.
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"For us it's all about cash and liquidity, and our loans are performing exceptionally well in the secondary market," said Christopher K. Hart, First Cal president and vice chairman.
Warehouse lending allows First Cal to carry more loans between the time they are funded and when the notes are sold to participating lenders. The latest such lenders for First Cal are NattyMac, a new venture between Fannie Mae and Guggenheim Partners, Flagstar Bank and GMAC.