ABA, through its subsidiary, ABA Community Bank Mortgage LLC, announced today that it has selected BOK Financial Correspondent Lending as its newest secondary market investor. ABA Community Bank Mortgage LLC owner banks may now sell agency-eligible and jumbo loans on a servicing-released basis to BOK Financial and access their full line of fixed rate, ARM and affordable lending products.
“The alliance with BOK Financial provides additional product and pricing power for our owner banks to better serve their customers and communities,” said John Schoemer, chairman of ABA Community Bank Mortgage, LLC and VP of Presidential Bank in Bethesda, Md. “BOK Financial, through a demonstrated competitive pricing and fulfillment platform, will help our owner banks compete effectively in their respective markets.”
Community Bank Mortgage LLC is a unique and ABA-exclusive mortgage cooperative structure designed to leverage the collective bargaining power of risk-averse community banks that actively sell loans in the secondary market. The association and 72 member banks jointly own the LLC, and those institutions enjoy aggressive loan-sale executions through that ownership power.