ABA SUBSIDIARY COMMUNITY BANK MORTGAGE LLC ANNOUNCES RENEWAL WITH SUNTRUST MORTGAGE
WASHINGTON, DC – May 16, 2011 – (RealEstateRama) — Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, has renewed its agreement with SunTrust Mortgage Inc. as one of four preferred secondary market investors. With this partnership, Community Bank Mortgage LLC owner banks can sell loans on a servicing-released basis to SunTrust Mortgage and access their full line of products, including jumbo loans.
Community Bank Mortgage LLC, launched in 2007, is a unique and ABA-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 59 owner banks across the country that have a significant presence and commitment to the mortgage markets in their communities.
“We anticipate that our renewed partnership with SunTrust Mortgage will continue to have a positive impact on our owner banks,” said Deborah Whiteside, president and COO of Community Bank Mortgage LLC.
“SunTrust Mortgage is pleased to have been chosen as a preferred secondary market investor for Community Bank Mortgage LLC, and we look forward to continuing our mutually beneficial relationship,” said J. G. Carter, executive vice president and national correspondent division manager for SunTrust Mortgage Inc.
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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.
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 www.aba.com/mortgagellc or contact Deborah Whiteside at 1-800-BANKERS, ext. 5580 for more details.
About SunTrust Mortgage Inc.
SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Bank, one of the nation’s largest banking institutions, serving a broad range of consumer, commercial, corporate, and institutional clients. As of December 31, 2009, SunTrust Bank had total assets of $174.2 billion and total deposits of $117.0 billion. Headquartered in Richmond, VA, SunTrust Mortgage originates loans through 202 locations in SunTrust markets and adjacent states, maintains correspondent and broker relationships in 49 states, and services mortgage loans in 50 states and the District of Columbia. SunTrust Mortgage’s internet address is www.suntrustmortgage.com. For more information about the SunTrust Mortgage Correspondent Division, visit www.stmpartners.com.
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