WASHINGTON – Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, announced today that it has renewed its relationship with Wells Fargo Funding Inc., a subsidiary of Wells Fargo Bank, to act as a secondary market investor for loans originated by community bank owners.
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WASHINGTON, D.C. -- The American Bankers Association announced today that it is expanding a program to help community bank members better serve the needs of homebuyers in their local markets. On the first anniversary of Community Bank Mortgage LLC, a subsidiary of ABA Total Business Solutions, ABA members are being invited to become joint owners of the LLC.
WASHINGTON, D.C. - ACB Mortgage LLC announced today that it has chosen Countrywide's Institutional Mortgage Services Group to buy and securitize loans originated by community bank LLC owners to leverage the aggregate quality and volume of their mortgage business. ACB launched the LLC in February to act as a negotiating agent with a variety of investors such as aggregators, government sponsored enterprises and Wall Street firms to get the best execution possible. Countrywide is among the first to reach an agreement with ACB Mortgage LLC. The LLC currently consists of 32 founding community banks across the country that have a significant presence and commitment to the mortgage markets in their communities. "We anticipate that this new venture will immediately benefit from Countrywide's inclusion," said Deborah Whiteside, president and COO of ACB Mortgage LLC. "Countrywide's participation under the agreement will give members the ability to improve both their mortgage production and their bottom line."
WASHINGTON, D.C. - ACB Mortgage LLC announced today it has chosen Wells Fargo Funding, Inc., a subsidiary of Wells Fargo Bank, N.A., to act as a secondary market investor for loans originated by community bank owners. Wells Fargo is among the first to reach an agreement with ACB Mortgage LLC. ACB Mortgage LLC, a joint venture launched in February 2007 with ACB members, is designed to leverage the aggregate quality and volume of community bankers' mortgage business. The company currently consists of 32 founding banks across the country that have a significant presence and commitment to the mortgage markets in their communities. "We are pleased and excited to be working with Wells Fargo in this innovative endeavor," said Deborah Whiteside, president and chief operating officer of ACB Mortgage LLC. "This is the first step in establishing a full suite of products and services that will allow community bankers to benefit from the quality of the mortgages they originate and receive a return on their capital investment.
WASHINGTON, D.C. - America's Community Bankers announced today the appointment of W. Landon Banfield IV as vice president for business development of ACB Mortgage LLC, the joint venture with ACB and owner-banks to leverage their aggregate loan volume to achieve better terms. ACB Mortgage LLC is a subsidiary of ACB Business Partners, Inc. Banfield will focus on identifying banks that would benefit from ownership in the LLC, and work with current LLC owner banks to maximize their use of the LLC programs. "Landon brings a wealth of market experience to the LLC," said Deborah Whiteside, president and COO of ACB Mortgage LLC. "Landon is well-positioned to bring real value to the LLC as we become operational and build our business."
WASHINGTON, D.C. — America’s Community Bankers today announced the launching of a unique and exciting new venture: ACB Mortgage LLC, a joint venture with its members that is designed to leverage the aggregate quality and volume of community bankers’ mortgage business. ACB Mortgage LLC is a subsidiary of ACB’s for profit, subsidiary ACB Business Partners, Inc. Michael Young, president and CEO of Cenlar FSB, Ewing, N.J., made the announcement before several hundred attendees at ACB’s National Real Estate Lending Conference in Lake Las Vegas, Nev. "What makes ACB Mortgage LLC unique is that it is jointly owned and governed by America’s Community Bankers and community banks committed to serving their customers’ mortgage needs and growing the market for community bank lenders," said Young.
