ABA Community Bank Mortgage partners with BOK Financial Correspondent
Will be its newest secondary market investor
ABA Community Bank Mortgage, a subsidiary of the American Bankers Association, chose BOK Financial Correspondent Lending as its newest secondary market investor.
With this selection, ABA Community Bank Mortgage owner banks can 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. In addition, BOK Financial represents and warrants contractually with each client that they will not cross-sell their borrowers any bank products and will refer their mortgage customers back to them 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,” said John Schoemer, chairman of ABA Community Bank Mortgage. “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, Bethesda, Md.
According to Deborah Whiteside, president and COO of ABA Community Bank Mortgage, with their new partnership, BOK Financial will provide participating banks with competitively priced products that will be “enhanced by the power of ownership.”
ABA Community Bank Mortgage offers community bankers an option for managing and building their mortgage business. Co-owned by its subsidiary and community banks, this new style will influence its ownership to sell more loans into the secondary market. By combining volume, it’s able to control the quality and total volume of the owner banks’ loan production.
“We are thrilled to be entering into this partnership with the ABA given our mutual focus on delivering high quality, valued solutions to banks across the United States,” said Robert Ross, senior vice president, channel leader of correspondent lending at BOK Financial.
“Our relationship-based approach, straightforward operational experience and consistent price execution, combined with the power of our no cross-sell commitment, create a compelling solution for the ABA’s members and for BOK Financial,” Ross said.