NovaStar adds warehouse lending programs to product line mortgagepress.comwarehouse funding, NovaFund, NovaFund Express, financing
NovaStar Financial Inc. has launched warehouse lending programs
to help mortgage originators grow their business. These programs
enable correspondent lenders and broker/bankers to receive
warehouse funding from NovaStar Capital Inc., a unit of NovaStar
Financial.
Kenneth D. Logan is spearheading warehouse lending as executive
vice president and COO of NovaStar Capital. The nationwide
warehouse lending business is based in Atlanta. Logan previously
headed national warehouse lending for PCFS Financial Services, a
division of Provident Bank, and has led two bank-owned regional
warehouse lending companies, a mortgage banking company and a
consulting practice. He serves on the Executive Committee of the
board of directors for the National Home Equity Mortgage
Association.
Mr. Logan described the programs: "Our warehouse lines are
customer-friendly and flexible. NovaStar Capital's experience with
warehouse lending enables the emerging broker/banker to grow volume
and profitability, as well as provide the established mortgage
banker with short-term financing and national resources from the
NovaStar team. Our non-conforming focus allows NovaStar partners to
fund nonprime or alt-A loans up to 100 percent of their warehouse
lines."
NovaStar Capital offers two warehouse programs tailored to meet
customer needs:
•NovaFund, a traditional warehouse line for correspondent
lenders, provides short-term funding for loans that may be
delivered to NovaStar Mortgage or other approved investors. All
types of residential loans can be funded. The correspondent draws
loan documents in their own name and conducts processing functions
for the loans.
•NovaFund Express, a managed warehouse line, facilitates
warehouse financing for brokers with a lender's license by allowing
them to use investor guarantees and approved service providers to
fulfill requirements typically expected of a dedicated lender. In
doing so, it eases the infrastructure needs of these emerging
broker/bankers.
For more information, visit www.novastarcapital.com.
