Community bankers renew secondary market pact with SunTrust
Institutions with a stake in Community Bank Mortgage, a subsidiary of the American Bankers Association, can continue selling mortgages to SunTrust Mortgage through an agreement renewed Monday. Community Bank Mortgage, launched in 2007, is co-owned by 59 community banks and the ABA. It gives these smaller institutions leverage when collectively negotiating sales to the secondary market. "We anticipate that our renewed partnership with SunTrust Mortgage will continue to have a positive impact on our owner banks," said Deborah Whiteside, president and chief operating officer of Community Bank Mortgage. SunTrust is one of four preferred buyers on these loans, including jumbo mortgages. The bank is one of the nation's largest with $174.2 billion in assets. "SunTrust Mortgage is pleased to have been chosen as a preferred secondary market investor for Community Bank Mortgage LLC, and we look forward to continuing our mutually beneficial relationship," said J.G. Carter, executive vice president and national correspondent division manager for SunTrust Mortgage. Write to Jon Prior. Follow him on Twitter @JonAPrior.