WASHINGTON--(BUSINESS WIRE)--Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, has selected Stonegate Mortgage Corp. as its newest secondary market investor. With this selection, Community Bank Mortgage LLC owner banks can sell loans on a “servicing-released” basis to Stonegate Mortgage Corp. with competitive pricing as well as access Stonegate Mortgage’s full line of mortgage finance products.
“Stonegate is excited to enter this partnership with Community Bank Mortgage”
Community Bank Mortgage LLC, launched in 2007, is a unique American Bankers Association-exclusive mortgage cooperative structure designed to leverage the collective bargaining power of risk-adverse community banks that actively sell loans in the secondary market. Community Bank Mortgage LLC currently has 63 owner banks across the country that have a significant presence and commitment to the mortgage markets in their communities.
“We’re very pleased to enter into this agreement with Stonegate Mortgage. Our bank owners will benefit from the execution advantage Stonegate brings to the table,” said Deborah Whiteside, president and COO of Community Bank Mortgage LLC.
“Stonegate is excited to enter this partnership with Community Bank Mortgage,” said Steve Landes, executive vice president, Loan Origination for Stonegate Mortgage Corp. “We see it is a chance to affirm our position as one of the fastest growing privately held mortgage lenders in the United States and provide additional benefits to our existing customers that are members of this mortgage cooperative, as well as provide mortgage products to their extensive list of member owners.”
About American Bankers Association
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its two million employees. The majority of ABA members are banks with less than $185 million in assets. Learn more at aba.com.
About Community Bank Mortgage LLC
Community Bank Mortgage LLC offers community bankers a whole new option for managing and building the mortgage market. 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. Visit http://cbmortgagellc.com/ or contact Deborah Whiteside at 1-800-BANKERS, ext. 5580 for more details.
About Stonegate Mortgage Corporation
Stonegate Mortgage Corporation is one of the largest and fastest growing mortgage lenders and servicers in the U.S. Backed by Long Ridge Equity Partners, a New York based private investment firm, Stonegate Mortgage originates, acquires and retains mortgage servicing rights through a network of retail branches and approved third party originators. With its acquisition in September 2012 of NattyMac, a warehouse lender from Guggenheim Partners, Stonegate Mortgage has created an integrated warehouse and loan sale solution for its clients to ensure that community banks and independent mortgage bankers have access to warehouse financing, liquidity for their agency loans and a mortgage servicer with an intense focus on delivering a superior customer experience.