WASHINGTON — Community Bank Mortgage, LLC, a subsidiary of the American Bankers Association (ABA), has renewed its relationship with Wells Fargo Funding Inc., a subsidiary of Wells Fargo Bank, N.A., to act as a secondary market investor for loans originated by community bank owners.
Launched in 2007, Community Bank Mortgage is an 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 currently has 55 owner banks across the country that have a significant presence and commitment to the mortgage markets in their communities.
“We are very pleased to renew our relationship with Wells Fargo Funding, which has been an investor for LLC owners since our inception. They are an excellent secondary market partner for our owner banks, and we look forward to continuing our relationship with them,” said Deborah Whiteside, president and COO of Community Bank Mortgage.
“We are excited to renew our contract with Community Bank Mortgage, LLC, again this year. By providing a competitive range of mortgage products and services and strong pricing, Wells Fargo has enabled CBM, LLC, members to more efficiently and profitably serve their communities. We truly value the relationships we have built with CBM, LLC, members since 2007 and look forward to working with them through 2010 and into 2011,” said Brian Handal, senior vice president of Wells Fargo Funding.