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| Residential Capital LLC’s warehouse unit has hired a new chief to oversee an expansion of the business. In addition, the lender plans to step up its jumbo offerings. A healthy pace of bank deposit growth will fund much of the expansion.Two weeks ago, Adam Glassner was hired to run ResCap’s warehouse operations, Jeannine Bruin, a spokeswoman for parent GMAC Financial Services, told MortgageDaily.com in an interview today.
“Adam Glassner was brought on board because he has considerable professional experience in warehouse lending,” Bruin said. “He was brought on to lead our warehouse lending team, to expand that team and to oversee the expansion of volume.” Glassner’s hiring was first reported today by Bloomberg, which was covering an interview with ResCap Chief Executive Officer Thomas Marano. The spokeswoman explained that demand for warehouse financing has increased as the number of players has diminished, creating “a really good opportunity.” In addition, the expansion supports the Obama administration’s policy of making mortgage credit available. Bruin declined to discuss specific volume growth goals for the warehouse unit but did say, “We do plan to increase our warehouse lending significantly in 2009.” No information was available about the number of warehouse-related jobs that are being added as a result of the expansion at ResCap — which said Wednesday that it planned to add 1,000 servicing and production employees this year. Much of the financing for the warehouse business will come from rapidly growing high-yield deposits at GMAC Bank, according to Bruin. The growth has been fueled by an aggressive marketing campaign. “We’re looking to put that capital to work,” she said. The capital will also be put to work through an expansion in jumbo lending, which Bruin said will be originated through both wholesale and retail channels. Jumbo mortgages, as well as conforming and government loans will all qualify for warehouse financing. “We’re able to lend,” Bruin stated. “We have the capital.” |
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