WASHINGTON – (RealEstateRama) — ABA Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, has selected BOK Financial Correspondent Lending as its newest secondary market investor.
With this selection, ABA Community Bank Mortgage LLC owner banks can sell agency-eligible and jumbo loans on a servicing-released basis to BOK Financial and access their full line of fixed rate, ARM and affordable lending products. In addition, BOK Financial represents and warrants contractually with each client that they will not cross sell their borrowers any bank products and will refer their mortgage customers back to them in the event they contact BOK and wish to engage in a new transaction.
“The alliance with BOK Financial provides additional product and pricing power for our owner banks to better serve their customers and communities,” said John Schoemer, chairman of ABA Community Bank Mortgage LLC. “BOK Financial, through a demonstrated competitive pricing and fulfillment platform, will help our owner banks compete effectively in their respective markets.” Schoemer is also executive vice president of Presidential Bank, Bethesda, Md.
ABA Community Bank Mortgage LLC offers community bankers an innovative option for managing and building their mortgage business. Co-owned by ABA’s Corporation for American Banking subsidiary and community banks, this cooperative-style enterprise leverages the power of joint ownership for better execution on loans sold into the secondary market. By aggregating volume, the ABA Community Bank Mortgage LLC is able to leverage the quality and total volume of the owner banks’ loan production.
“Our new partnership with BOK Financial will provide participating banks with competitively priced conforming and jumbo products – enhanced by the power of ownership,” said Deborah Whiteside, president and COO of ABA Community Bank Mortgage LLC.
“We are thrilled to be entering into this partnership with the ABA given our mutual focus on delivering high quality, valued solutions to banks across the United States,” said Robert Ross, senior vice president, channel leader – correspondent lending, BOK Financial. “Our relationship based approach, straightforward operational experience and consistent price execution- combined with the power of our no cross sell commitment, create a compelling solution for the ABA’s members and for BOK Financial.”
All ABA member banks are eligible to become owners of ABA Community Bank Mortgage LLC. For more information, visit www.aba.com/mortgageLLC or contact Landon Banfield at 1-800-BANKERS, ext. 5583, or Deborah Whiteside at 1-800-BANKERS, ext. 5580.
About American Bankers Association
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
About BOK Financial Correspondent Mortgage Services
BOK Financial Correspondent Mortgage Services offers a full suite of industry leading products and services solely for Banks. In addition, as a direct-to-agency seller and one of the top 50 issuers of Ginnie Mae securities in the U.S., BOK Financial Corporation retains the servicing on every loan purchased. Loans are serviced in the name of Firstland Mortgage Servicing and are represented and warranted to not be cross sold any BOK subsidiary products, so that BOK’s clients’ most critical relationships, those with their customers, are reinforced and maintained.
About Corporation for American Banking
ABA endorsed solutions help banks make money, save money, diversify income and improve efficiency. Backed by our comprehensive due-diligence process, these select solutions are analyzed by industry experts, field-tested by bankers and meet stringent quality and customer-service standards. From compliance and insurance to payments and mortgage lending, you’ll find products and services to enhance your bank’s bottom line. Learn more at aba.com/endorsed.
ABA Media Contact: John Hall
Follow us on Twitter: @ABABankers