Joint News Release
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FREDDIE MAC AND CENLAR FSB ANNOUNCE NEW PRIVATE LABEL SERVICING OPTIONS FOR AMERICA’S COMMUNITY BANKERS INITIATIVE ENHANCES STRATEGIC ALLIANCE WITH COMMUNITY BANKERS
McLEAN, VA — Freddie Mac and Cenlar FSB announced today a new private-label
servicing option for members of America’s Community Bankers (ACB) that enables
them to originate mortgages without the expense of a costly servicing
infrastructure.
The initiative is the latest step in an alliance announced in February designed
to bring more new choices and exclusive secondary market benefits to ACB
members.
Under the agreement, members of the ACB are able to originate a wide range of
mortgages and manage the servicing through two options offered by Cenlar. In the
first option, Cenlar operates as a subservicer, and under the second, Cenlar
purchases mortgage servicing rights and services the loan in the originating
lender’s name. In both cases ACB members have access to a private label
servicing arrangement, which allows them to also retain all cross-selling
opportunities.
“This new feature to the Freddie Mac/ACB strategic alliance adds real value to
lenders who want to originate mortgages without the cost of new servicing
operations, while at the same time ensuring that their customer relationships
remain strong,”; said Dave Stevens, senior vice president and general manager of
Community Lending at Freddie Mac.
“The first principle of our alliance with ACB is to listen to the membership and
provide customized benefits that meet the secondary marketing needs of community
bankers. This new feature demonstrates that we hear what ACB members need and
develop solutions that work for everyone,” added Stevens.
“The private label servicing option that we will deliver will reinforce the
community banking strategy for creating and maintaining customer loyalty. The
technology and customer care features we have built for this program will assure
a positive customer experience,” stated Dave Miller senior vice president,
Business Development at Cenlar FSB.
“We are excited that Freddie Mac is offering this private-label servicing option
as an enhancement to our alliance,” said Anita Gentle Newcomb, president and
CEO, ACB Partners, Inc. “This new option provides an attractive choice for our
member banks in maximizing the profitability of loan sales while keeping their
bank’s name in front of their customers.”
Freddie Mac and America’s Community Bankers announced their strategic alliance
in February and it is already bearing fruit.
Nearly 40 institutions are close to deploying new state-of-the-art websites
developed by Mortgagebot as part of the alliance. The websites are fully branded
in the institution’s name and trademarks, and enables fast underwriting
decisions through Loan Prospector.
“We’re very excited about the opportunities with community lenders,” explained
Stevens, “and look forward to expanding offerings to this segment that will
increase business and affordable homeownership.”
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.
Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders. By supplying lenders with the money to make mortgages and packaging the mortgages into marketable securities, Freddie Mac sustains a stable mortgage credit system and reduces the mortgage rates paid by homebuyers. Over the years, Freddie Mac has opened the doors for one in six homebuyers in America and two million renters. (More information on Freddie Mac can be found on the company’s web site located at http://www.freddiemac.com.)
Cenlar FSB is a wholesale bank specializing in mortgage subservicing. Cenlar is one of the nations top subservicers and is rated as a Tier 1 servicer by Freddie Mac. Cenlar delivers quality, professional service through its customized private label program to its client base, which consists of banks, thrifts, credit unions and mortgage bankers. More information on Cenlar FSB can be found on the company’s website located at http://www.cenlar.com.
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