America’s Community Bankers and Freddie Mac announced today that they have agreed to renew through 2009 an alliance agreement that is intended to help bankers compete for borrowers.
First announced in February 2002, the ACB-Freddie Mac alliance package provides member institutions with a suite of benefits including secondary marketing programs, customized training, preferential access to third-party vendors and Freddie Mac’s proprietary mortgage technology and mortgage products – including Freddie Mac’s Home Possible mortgage suite for low-income and moderate-income borrowers, according to the announcement today.
Paul Mullings, Freddie Mac senior vice president for single-family sourcing, said, “This outstanding alliance ensures ACB members will continue to have the muscle to protect and build their market share in an increasingly challenging market. Today’s announcement reaffirms Freddie Mac’s commitment to focusing on our customers by giving them the tools and options they need to compete and to make home possible in their communities.”
William J. Kroll, ACB Business Partners Inc.’s president and CEO, said, “We are proud of our partnership with Freddie Mac. Our member banks in the program tell us that they have enjoyed considerable savings through this alliance.”
Through the alliance, ACB members receive:
- Preferential access to bank-branded Web site technology used to originate mortgages and underwrite them with Freddie Mac’s Loan Prospector automated underwriting service.
- Savings on private-label sub-servicing for lenders who want to originate mortgages without the cost of new servicing operations.
- Competitive alliance cash loan selling executions.
- Exclusive training sessions on many Freddie Mac products and solutions, such as Home Possible, which are intended to help sellers reach new borrowers.
Freddie Mac is a stockholder-owned corporation established by Congress. The entity purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage pass-through securities and debt instruments in the capital markets.
America’s Community Bankers is a member-driven national trade association that represents community banks.
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