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Volume 2014 - Number 10

March 13, 2014

Steadfast Offers ‘Term Loan’ Program to Help Nonbanks Build MSRs, But Will It Catch Fire?

Steadfast Capital, in conjunction with its partner, Customers Bank, has launched a program that will offer long-term loans collateralized by mortgage servicing rights to nonbanks. The goal is to help these firms retain MSRs and possibly buy receivables in the secondary market. Until now, most commercial banks would only make one-year “working capital” loans to non-depository mortgage firms. Steadfast and Customers will extend credit with terms of up to six years. “A one-year loan is...

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