Tree.com Extends PNC Bank Mortgage Warehouse Line

Posted by Orb Staff on December 29, 2009 No Comments
Categories : Residential Mortgage

Tree.com Inc., the parent company of several brands in the financial services and real estate industries, says it has entered into a limited extension of its $50 million mortgage warehouse line at its LendingTree Loans operation in Irvine, Calif.

PNC Bank had previously announced that it was exiting the warehouse business and that existing warehouse lines would expire at the end of their current terms. The facility had an original term running through December 29, 2009, and is now available for funding newly originated agency and Federal Housing Administration loans through March 31, 2010.

‘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," says Matt Packey, Tree.com's chief financial officer.

SOURCE: Tree.com

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