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Alt-A is here to stay

Jun 05, 2005

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.
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