Community Bank Mortgage LLC, a subsidiary of the American Bankers Association (ABA), has selected SunTrust Mortgage Inc. as one of three preferred secondary market investors. With this selection, Community Bank Mortgage owner banks can sell loans on a servicing-released basis to SunTrust Mortgage and access its full line of products, including jumbo loans.
Community Bank Mortgage, launched in 2007, describes itself as an ABA-exclusive mortgage cooperative structure designed to leverage the collective bargaining power of risk-averse community banks that actively sell loans in the secondary market. The group currently has 53 owner banks across the country.
‘We anticipate that our new partnership with SunTrust Mortgage will have an immediate and positive impact on our owner banks,’ says Deborah Whiteside, president and chief operating officer of Community Bank Mortgage.
SOURCE: Community Bank Mortgage LLC