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Special Reports
Warehouse Lending
Impac Warehouse Head Reflects on First Six Months
She is emphasizing customer service.
By Brad Finkelstein
This has been one of the most interesting years ever for the mortgage
warehouse lending business, said Elaine Batlis, the president of Impac Warehouse Lending Group here.
It is a changing marketplace with a lot of liquidity available, mainly because of newcomers to the warehouse lending
business.
Because of that abundance, the business has become more competitive. She has seen some lenders lower their credit
quality standards, which is something "we would not choose to do" at Impac. The company wants to maintain
its lending standards and stay in the business long term.
On the other hand, many of those newcomers might be seen exiting the business as things get tough.
Ms. Batlis joined Impac in January of this year, coming over from Insouth Funding Inc., Naples, Fla. She had been
working for the parent bank holding company when she was asked to create the warehouse lending program.
She found it to be a niche that she enjoyed working in.
When asked if she was looking to make changes at Impac, Ms. Batlis replied that anytime someone takes on a new
position, they look to make it reflect their personality and the items that are important for them.
At Impac, this takes shape in a renewed commitment to customer service.
Warehouse lending is a relationship business and the most important aspect of that relationship is to be flexible
with the customer while still maintaining standards. The key to that is knowing when to be flexible with the customer,
she said. She also has become friends with her customers. "The goal is to help (the customers) achieve their
goal, in a manner that meets prudent banking practices," Ms. Batlis said.
Lowering standards does not do the customer any favors, she continued.
Impac provides credit for all types of originations, from subprime to conforming, and funds flow and bulk.
Ms. Batlis is looking to diversify geographically. Much of its customer base is in Florida and California.
Another project is working more closely with Impac's correspondent originations channel. The channel has always
provided an outlet for the customers, but now the correspondent sales force is cross-selling their customers on
the warehouse business.
The parent company wants to have a more unified approach to the business.
It offers lines from $3 million to $130 million, making for a wide range of customers. "We will do the hand-holding"
for the mortgage broker moving up to mortgage banker. But it also provides competitive pricing for warehouse credit
to mid- and large-size mortgage bankers.
Impac Warehouse Lending Group is part of Impac Mortgage Holdings Inc., a real estate investment trust, which has
its hand in several parts of the business, including correspondent lending, wholesale lending, commercial lending
and mortgage technology.
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