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""Freddie Mac"":http://freddiemac.com/ and ""Business Solutions"":http://www.aba.com/BusinessSolutions/staff.htm, an affiliate of the ""American Bankers Association"":http://www.aba.com/default.htm (ABA), jointly announced[IMAGE]
Wednesday that they have extended their eight-year-old alliance -- a move the companies say will enable community banks to compete in the purchase money mortgage market, thus fueling the nation's housing recovery.
""Today's announcement with the ABA comes at a critical time in the nation's housing recovery,"" said James Cotton,
[COLUMN_BREAK]VP of sales for McLean, Virginia-based Freddie Mac. ""Renewing our alliance with the ABA means more community banks will have the secondary market tools they need to help families take advantage of today's low mortgage rates and affordable home prices.""
According to Freddie Mac and ABA, this alliance provides ABA's community bank members with access to critical mortgage products and technology, and it gives member banks competitive cash executions and exclusive staff training on many Freddie Mac products and solutions.
In addition, the alliance provides setup advantages with Mortgagebot with Loan Prospector, a bank-branded Web site for originating mortgages with Freddie Mac's Loan Prospector automated underwriting services, and it provides private-label subservicing through Cenlar FSB and Dovenmuehle Mortgage Inc., the organizations said.
""We are pleased to extend our alliance with Freddie Mac,"" said William Kroll, president of Washington, D.C.-based Business Solutions. ""Our valued relationship helps increase the mortgage offerings of our community bank members and expand their access to the secondary markets.""
