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NEWS RELEASE
August 12, 2010
ABA Media Contact: John Hall
(202) 663-5473
E-mail: jhall@aba.com
ABA RENEWS RELATIONSHIPS WITH BANK OF AMERICA
WASHINGTON — Business Solutions, an affiliate of the American Bankers Association, has renewed its relationship with Bank of America Home Loans’ Correspondent Lending to act as a secondary market investor for Community Bank Mortgage LLC and ABA Mortgage Solutions.
As part of its renewal with Business Solutions, Bank of America is introducing its Banker Select Program. This program will provide efficient underwriting decisioning for all loans sold to Bank of America, dedicated single point-of-contact service, customized technology solutions and individualized product and technology training.
Community Bank Mortgage LLC, launched in 2007, is a unique and ABA-exclusive cooperative-style organization designed to leverage the collective bargaining power of 55 community banks that actively sell loans in the secondary market. ABA Mortgage Solutions assists all ABA member banks in executing their mortgage business more effectively and profitably.
“We are very happy to be renewing our relationship with Bank of America Home Loans,” said Deborah Whiteside, senior vice president of mortgage solutions. “This program gives our member banks more options and flexibility when selling their loans into the secondary market.”
“We are pleased to renew our agreement with ABA and continue our long-standing partnership,” said Russ Anderson, national sales manager, Bank of America Institutional Mortgage Services. “In addition, we are committed to working with the association and its membership to deliver on the Bank of America Home Loans brand promise – supporting responsible and stable home ownership and meeting the diverse needs of American homebuyers.”
For more information, visit www.aba.com/BusinessSolutions/BSol_BofA.htm.
About American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its 2 million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at www.aba.com.
About Business Solutions
Business Solutions offers ABA members competitive products and innovative solutions selected by bankers for bankers that will help you save money, build customer relationships and improve your bottom line. Our unmatched, value-added products and services in Mortgage Solutions, Payment Solutions, Capital Markets, and Commercial Lending & Business Banking will minimize your expenses, maximize your bank’s performance and, in many cases, offset your ABA dues.
About Community Bank Mortgage LLC
Community Bank Mortgage LLC is a unique opportunity for banks that are active in the secondary mortgage markets. Co-owned by ABA and community banks, this cooperative-style venture leverages the power of joint ownership by like-minded community bankers to obtain the most preferred terms possible. All ABA member banks are eligible to become owners of Community Bank Mortgage LLC.
About Bank of America Correspondent Lending
Bank of America Correspondent Lending is a leading purchaser of closed loans from banks, credit unions and independently owned mortgage companies throughout the U.S. We are committed to providing exceptional service, competitive pricing and an array of products. Through these offerings, Bank of America Correspondent Lending can assist clients with helping borrowers achieve their homeownership goals and achieving their goals for profitable, responsible lending.
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