Banks set their sights on growing the mortgage lending market
Regional banks Bank of Oklahoma (BOK) and Primis Bank in Northern Virginia have expanded into warehouse lending, marking a notable expansion of their services in the mortgage funding space.
Bank of Oklahoma (BOK) has yet to make its entry public, but sources confirmed its plans to launch a similar program soon. Notably, BOK Financial Capital Markets is recognized as a top-10 dealer of mortgage-backed securities, a position that could provide a strong foundation for its warehouse lending expansion.
Meanwhile, Primis announced its new warehouse lending division in a recent press release. The bank tapped industry veteran Drey Roberts (pictured) to lead the new division as president.
Roberts brings a wealth of experience from his previous role as national sales manager for Texas-headquartered Independent Financial’s warehouse lending division. He also held similar wholesale mortgage roles at Southwest Bank, EverBank, Flagstar Bank, and Countrywide Home Loans.
Primis said the expanded team and line of business will “give Primis the capabilities to capitalize on this critical section of the mortgage market with offerings that should boost non-CRE oriented loans and commercial deposits.”
“I believe we have positioned ourselves in a very good place in this important industry,” Primis Bank CEO Dennis Zember said in the media release. “I am very excited to have Drey and his team in our company, and I am inspired by their ambition and dedication to their long-time customers. Having met a dozen or so of their clients in person and seeing how fast we have on-boarded them from application to real funding, I am convinced that we can move the needle on profitability and operating results.”
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“What stood out to me the most about Primis was how much executive leadership understands the values and risks of warehouse lending,” Roberts added. “The team at Primis has substantial experience and success in this industry, and their excitement and knowledge during our early conversations made it apparent that this partnership would be a successful one. Some of our best customers have met the executive team and understand that this is a bank that will partner with them for the long-term.”
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