ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 2, 2004 #04-07
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS ANNOUNCES RENEWAL OF PARTNERSHIPS WITH FANNIE, FREDDIE, COUNTRYWIDE

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SCOTTSDALE, Ariz. — America’s Community Bankers announced the renewal today of its secondary mortgage market partnerships with Fannie Mae, Freddie Mac and Countrywide Home Loans, Inc.

The announcement was made at ACB’s National Real Estate Lending Conference & Marketplace here by Curtis L. Hage, chairman of ACB Business Partners, Inc., ACB’s for-profit subsidiary which runs the mortgage solutions program. Hage, a past chairman of ACB, is chairman and CEO, Home Federal Bank, Sioux Falls, S.D.

“We’re delighted to renew our relationships with these outstanding secondary market companies,” said Hage. “ACB’s mortgage solutions are the most comprehensive in the industry, and they are designed so that community banks will never have to turn away a qualified borrower.”

The Fannie Mae partnership is entering its fourth year and is a cornerstone of ACB’s mortgage solutions programs. The Freddie Mac alliance is entering its third year and continues to build on ACB members’ long history with Freddie. The Countrywide relationship is also entering its third year and offers members an outlet for non-conforming loans.

Hage announced that, since the program’s inception in 2001, member community banks have delivered $50 billion in home mortgages. “Through the negotiating power of ACB, members participating in ACB’s mortgage programs have collectively accrued bottom-line value of more than $85 million through the unprecedented member-advantaged features of these programs,” Hage said. The programs are available to ACB members only.

ACB continues to have mortgage solutions relationships with Principal Residential Mortgage, which is entering its third year and offers an additional outlet for non-conforming loans, and Financial Freedom Senior Funding Corp., which offers reverse mortgage programs.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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