ABA Community Bank Mortgage Selects BOK Financial Correspondent Lending

Posted by Patrick Barnard on March 15, 2016 No Comments
Categories : Residential Mortgage

ABA Community Bank Mortgage, a subsidiary of the American Bankers Association (ABA) that offers community bankers an innovative option for managing and building their businesses, has selected BOK Financial Correspondent Lending as its newest secondary market investor.

That means ABA Community Bank Mortgage owner banks can sell agency-eligible and jumbo loans on a servicing-released basis to BOK Financial and access the firm’s full line of fixed-rate, adjustable-rate and affordable lending products.

In addition, BOK Financial guarantees contractually with each client that it will not cross sell its borrowers any bank products and will refer mortgage customers back to the client in the event they contact BOK and wish to engage in a new transaction.

“The alliance with BOK Financial provides additional product and pricing power for our owner banks to better serve their customers and communities,” says John Schoemer, chairman of ABA Community Bank Mortgage, in a release. “BOK Financial, through a demonstrated competitive pricing and fulfillment platform, will help our owner banks compete effectively in their respective markets.”

Schoemer is also executive vice president of Presidential Bank in Bethesda, Md.

ABA Community Bank Mortgage is a cooperative-style enterprise that leverages the power of joint ownership for better execution on loans sold into the secondary market.

By aggregating volume, the company is able to leverage the quality and total volume of the owner banks’ loan production.

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