First Horizon Bank offers mortgage warehouse lines of credit ranging from $3
Million to $50 Million.
Our warehouse relationships are priced competitively with other major national
lenders and tailored to each customer’s specific circumstances. Rates are
typically based on 30-day LIBOR plus a spread determined by loan volumes,
funding methods, operational expenses, etc.
We charge one all-inclusive warehouse fee for each loan funded. The amount of
the fee is tailored to each relationship and is based on factors such as
interest rate, funding method, loan volume, etc.
There are no application fees, no shipping fees, no report fees, no legal fees,
and no due diligence fees. A non-usage fee may apply in certain circumstances.
The First Horizon warehouse line may be used to fund up to the full note
amount of a loan. We do require that loans be funded net of discount points and
fees to be retained by you (i.e., “net funded”).
Maximum Leverage Ratio
Our maximum leverage for warehouse relationships is 15:1. This calculation is based on the
combined net worth of your company and the qualifying net worth of all
Warehouse Time Limit
The typical dwell limit is 45 days, but we will consider longer periods if
appropriate. On average, our customers sell their loans in about 2 weeks.
Eligible Loan Types
You may fund conforming, reverse, government, and jumbo loans on your First
Horizon Bank warehouse line. Other loan types may be acceptable as well … check with us.
Registering and funding a loan on your First Horizon Bank warehouse line of
credit is simple. A single form with
basic loan information may be uploaded to our website or a spreadsheet may be
used to upload in batch format. Once
loans are registered, the customer may request funding via wire transfer or
First Horizon Bank cashier’s check.
Qualifying Requirements To Get A First Horizon Warehouse Line
You must have a minimum of $500,000 tangible net worth in your company and have
been in business at least three years. We need to see acceptable liquidity, a
track record of profitability, and you must have excellent references. The
personal guaranty of the owner(s) is required.
The underwriting and approval process includes appropriate due diligence such as
credit, reference checks, licenses and public records search (corporate and