Mid America Mortgage to Offer Warehouse Lines of Credit on “Scratch and Dent” Loans – NMP
Industry News

Mid America Mortgage to Offer Warehouse Lines of Credit on “Scratch and Dent” Loans

May 16, 2018
Mid America Mortgage Inc. has announced that it has added John Bargas, Donnell Mitchell and Wendy Strawn to its Servicing Department, with Bargas leading the Department as executive managing director of servicing

Mid America Mortgage Inc. Owner and Chief Executive Officer Jeff Bode has announced that the firm has expanded its relationship with Spectrum Mortgage Holdings LLC to offer warehouse lines of credit in conjunction with its Whole Loan Purchase program. This will provide sellers the flexibility to finance loans being sold to Mid America, including seasoned and “scratch and dent” loans.
 
“Managing aging loans and capital ratios on traditional warehouse lines of credit can be challenging for even the most experienced mortgage banker,” Bode said. “By adding warehouse financing to our established program for whole loans, Mid America is able to help other lenders address these challenges while providing a source of vital liquidity to the industry.”
 
To be eligible, sellers must have a loan commitment with Mid America. Spectrum will finance up to 90 percent of the current unpaid principal balance directly to a warehouse bank or the client upon receipt of the collateral.
 
“Mid America’s program will bring particular value to independent mortgage companies as they will be able to receive cash upfront while loans are undergoing due diligence,” said Michael Lima, Managing Director of Trading for Mid America. “Having partnered with Spectrum on eNote financing for our eCorrespondent Division, expanding our relationship to include warehouse lines for our Whole Loan Purchase Division was the next logical step.”

 
About the author
NationalMortgageProfessional.com
Link copied
Published
May 16, 2018
Get the NMP Daily
Home Equity
Achieve Closes $261.5M HELOC Securitization Ahead Of Planned TPO Launch

The company expects to begin purchasing fixed-rate HELOCs from correspondent lenders during the third quarter

Achieve has completed a $261.5 million securitization backed by 3,129 fixed-rate home equity lines of credit as it prepares to begin purchasing HELOCs from correspondent lenders.ACHM Trust 2026-HE1 closed July 30 and was announced Aug. 6. It is Achieve’s first HELOC securiti...

Continue reading
Analysis and Data
Better Will Miss September Break-Even Target, Interim CEO Says

Platform volume overtook DTC, but costly enterprise integrations have yet to deliver, and new partnership growth is not expected until Q4

Better Home & Finance will miss its goal of reaching adjusted EBITDA break-even by the end of September, interim CEO Daniel Lewis acknowledged during his first earnings call leading the company.Rather than set another deadline, Lewis said Better must first show that it c...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026