First Horizon wants FICOs of at least 670 and will only provide credit on conventional and government loans.

“This is a sea change,” said Steve Harris, president of MIAC Analytics, New York. “It’s going to get really ugly from here – and I know ugly.”

We’re still waiting to hear word on pending legislation to provide economic relief to consumers and businesses affected by the pandemic. Included in the bill is a funding mechanism for nonbank servicers.

One warehouse executive who competes against the bank in question noted: “There’s panic among their customers.”

According to IMF's 4Q19 ranking, JPMorgan Chase was the commitment volume leader with an estimated $19.0 billion of approved lines to nonbanks…

In the grand scheme of things, longer close times may not seem like a disaster but for nonbanks using warehouse lines of credit that means loans have longer dwell times…

According to market observers, People's United is committed to agency and government-related warehouse finance and was happy to find a home for ResX and its six or so employees.

So, what kind of GSE questions do the Democrats ask? Topics include timelines, benchmarks, capital levels, affordable housing issues, reducing the GSE footprint and the like. All of the questions might be viewed as quite predictable…

According to IMF’s tally, the top five warehouse providers in the third quarter were: JPMorgan Chase ($18.50 billion in commitments), Texas Capital ($7.95 billion), First Tennessee ($7.90 billion), TIAA FSB ($6.50 billion) and Wells Fargo ($6.00 billion).

Then again, the concept remains untested. Letting nonbanks join the FHLB system was an idea recently floated by Federal Housing Finance Agency Director Mark Calabria…