Sterling Bancorp, a financial holding company based in New York City and the parent company of Sterling National Bank, has launched a new mortgage warehouse lending business. Known as Sterling Warehouse Lending Group, the new division will provide funding to highly qualified mortgage banking firms from the time of closing until the mortgages are sold, the bank says.
‘Warehouse lending is a natural extension of our business, drawing upon Sterling's demonstrated strengths in both asset-based financing and mortgage banking,’ says Louis J. Cappelli, Sterling Bancorp's chairman and CEO.
The warehouse lending group will focus on serving established mortgage banking firms and will concentrate primarily on warehouse facilities secured by Fannie Mae, Freddie Mac and Federal Housing Administration residential loans.
The bank has also announced that Gary Timmerman, a banking executive with more than 20 years of experience in warehouse lending, has joined the company as senior vice president and managing director of Sterling Warehouse Lending Group.
SOURCE: Sterling Bancorp