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NEWS RELEASE 2007
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
ABA and Fannie Mae Renew Alliance Agreement
WASHINGTON, May 14 – The American Bankers Association and Fannie Mae have renewed and further enhanced their nationwide alliance. The alliance aims to increase small and mid-size banks’ access to the secondary market and expand homeownership opportunities for low- and moderate-income homebuyers.
Since the alliance began in 2002, participating ABA-member banks have benefited from better pricing and easier access to Fannie Mae products and services. With the alliance renewal, members will enjoy enhanced pricing for Desktop Underwriter®, discounts to Housing Finance Institute® courses, enhanced delivery services on bulk loan sales and access to Expanded Approval®, MyCommunityMortgage® and other affordable products that can assist members with meeting Community Reinvestment Act requirements.
Enhancements include:
- Restructure of Desktop Underwriter licensing and submission fees to accommodate new and loyal lenders adopting Fannie Mae technology;
- Reduced fees on higher loan-to-value products that can help member banks answer borrowers’ down payment challenges; and
- Enhanced delivery services for members selling loans in bulk.
“Through our five-year alliance with Fannie Mae, ABA-member banks are able to benefit from the secondary market and grow their business by expanding access to mortgage products and valuable services,” said Edward L. Yingling, ABA president and CEO. “We’re confident that our improved alliance will bring innovative solutions to our members and their customers.”
“Fannie Mae is pleased with the success of the ABA alliance and our joint commitment to extend the benefits for another three years,” said John Sayre, Fannie Mae’s vice president of marketing for Single-Family Mortgage Business. “We are committed to working with our lender partners to provide quality, affordable financing that can help more families benefit from homeownership.”
For more information on the alliance, contact the ABA at 1-800-BANKERS or visit www.aba.com.
The American Bankers Association, on behalf of the more than two million men and women who work in the nation's banks, brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership-which includes community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks-makes ABA the largest banking trade association in the country.
Fannie Mae is a shareholder-owned company with a public mission. We exist to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Our job is to help those who house America.
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Desktop Underwriter®, Expanded Approval® and MyCommunityMortgage® are registered trademarks of Fannie Mae.
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