""Community Bank Mortgage, LLC"":http://www.aba.com/MortgageLLC/default.htm, a subsidiary of the Washington, D.C.-based ""American Bankers Association,"":http://www.aba.com/default.htm [IMAGE]
announced Thursday that it has renewed its relationship with ""Wells Fargo Funding Inc."":https://ilnet.wellsfargo.com/ilonline/funding/body.jsp, a subsidiary of San Francisco-based ""Wells Fargo Bank N.A."":https://www.wellsfargo.com/
Under the continued contract between the two companies, Wells Fargo Funding will act as a secondary market investor for loans originated by community bank owners.
""We are very pleased to renew our relationship with Wells Fargo Funding, which has been an investor for LLC owners
[COLUMN_BREAK]since our inception,"" said Deborah Whiteside, president and COO of Community Bank Mortgage. ""They are an excellent secondary market partner for our owner banks, and we look forward to continuing our relationship with them.""
Brian Handal, SVP of Wells Fargo Funding, noted that through this relationship, Wells Fargo has enabled Community Bank Mortgage members to more efficiently and profitably serve their communities by providing a competitive range of mortgage product and services and strong pricing. He said Wells Fargo Funding values the relationships it has built with Community Bank Mortgage members since 2007 and looks forward to working with them through 2010 and into 2011.
Launched in 2007, Community Bank Mortgage is a unique 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. The company said it currently has 55 owner banks across the country that have a significant presence and commitment to the mortgage markets in their communities.