The Mortgage Collaborative, an independent lending cooperative serving small and mid-sized mortgage lenders and community-based lending institutions, announced a partnership with Fannie Mae that will bring enhanced benefits to the group’s members.
Under the terms of the partnership agreement, The Mortgage Collaborative members are eligible for an extensive training program, reduced licensing and loan submission fees on Fannie Mae’s automated underwriting technology, Desktop Underwriter, and a dedicated team to help TMC deliver value to their members by improving operations and reducing origination costs.
Additionally, The Mortgage Collaborative said that there will be efforts to expand affordable lending programs for the group’s members and the group will also work to develop new relationships with state Housing Finance Agencies.
“Fannie Mae has played a pivotal role in the mortgage industry recovery, thus our objective is to broaden its impact by enabling lenders regardless of size access to these key Fannie Mae benefits,” John Robbins, co-founder of TMC, said. “The partnership between Fannie Mae and the Collaborative provides our members direct secondary market access, leveling the playing field for proven performers.”
Jennifer Whip, Fannie Mae’s vice president of customer engagement, said that the GSE is ready to help the members of the Mortgage Collaborative.
“Fannie Mae is happy to support The Mortgage Collaborative’s efforts to serve small and mid-size mortgage lenders and community-based lending institutions,” Whip said. “We support fair and equitable access for lenders selling into the secondary market, and our strategic partnership with The Mortgage Collaborative enables the two organizations to work closely together to serve member needs.”
The announcement is the latest in a string of big moves made by The Mortgage Collaborative.
The group recently named a new vice chairman of the board, secretary of board and chief executive officer. The group also named an executive vice president of national sales and strategic alliances and a vice president of member and vendor services.