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Tree.com extends PNC Bank Mortgage warehouse line

NationalMortgageProfessional.com
Dec 29, 2009

Tree.com Inc. has announced that it has entered into a limited extension of its $50mm mortgage warehouse line at its LendingTree Loans operation in Irvine, Calif. PNC Bank had previously announced that it was exiting the warehouse business and existing warehouse lines would expire at the end of their current terms. The facility had an original term running through Dec. 29, 2009 and is now available for funding newly originated Agency and FHA loans through March 31, 2010. Matt Packey, Tree.com's CFO, stated, "This brief extension, coupled with our two other warehouse lines, enables us to maintain flexibility as we evaluate our longer-term needs and options with respect to our warehouse capacity requirements." For more information, visit www.tree.com or www.pnc.com.
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