Community Bank Mortgage LLC, a subsidiary of the American Bankers Association (ABA), has selected Stonegate Mortgage Corporation as its newest secondary market investor. With this selection, Community Bank Mortgage owner banks can sell loans on a “servicing-released” basis to Stonegate Mortgage with competitive pricing as well as access Stonegate Mortgage’s full line of mortgage finance products.
“We’re very pleased to enter into this agreement with Stonegate Mortgage. Our bank owners will benefit from the execution advantage Stonegate brings to the table,” said Deborah Whiteside, president and COO of Community Bank Mortgage LLC.
Community Bank Mortgage, launched in 2007, is a unique ABA-exclusive mortgage cooperative structure designed to leverage the collective bargaining power of risk-adverse community banks that actively sell loans in the secondary market. Community Bank Mortgage currently has 63 owner banks across the country that have a significant presence and commitment to the mortgage markets in their communities.
“Stonegate is excited to enter this partnership with Community Bank Mortgage,” said Steve Landes, executive vice president of loan origination for Stonegate Mortgage Corporation. “We see it is a chance to affirm our position as one of the fastest growing privately held mortgage lenders in the United States and provide additional benefits to our existing customers that are members of this mortgage cooperative, as well as provide mortgage products to their extensive list of member owners.”
The ABA represents banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its two million employees. The majority of ABA members are banks with less than $185 million in assets.