ABA Community Bank Mortgage LLC Renews Agreement with PennyMac

The American Bankers Association, through its subsidiary ABA Community Bank Mortgage LLC, has renewed its agreement with PennyMac as a secondary market investor. The partnership enables ABA Community Bank Mortgage LLC owner banks to sell agency-eligible loans on a servicing-released basis to PennyMac and access PennyMac’s full line of lending products. Through the agreement, LLC owner banks can access PennyMac’s competitive pricing, expedited approval process and highly regarded technology and customer service.

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. For more information about ABA Community Bank Mortgage LLC, contact Justin Gaul.