ACB Launches Joint Venture: ACB Mortgage LLC
|February 14, 2007|
America’s Community Bankers has launched a unique and exciting new venture: ACB Mortgage LLC, a joint venture with its members that is designed to leverage the aggregate quality and volume of community bankers’ mortgage business. ACB Mortgage LLC is a subsidiary of ACB’s for profit, subsidiary ACB Business Partners, Inc.
Michael Young, president and CEO of Cenlar FSB, Ewing, N.J., made the announcement before several hundred attendees at ACB’s National Real Estate Lending Conference in Lake Las Vegas, Nev.
“What makes ACB Mortgage LLC unique is that it is jointly owned and governed by America’s Community Bankers and community banks committed to serving their customers’ mortgage needs and growing the market for community bank lenders,” said Young.
“This newly-formed venture was created to leverage the power of joint ownership by like-minded community bankers to obtain the best execution possible from a full range of secondary market investors,” he added.
The LLC will allow community banks to improve their ability to compete successfully in the mortgage markets to increase their mortgage production. The LLC’s founders consist of 32 community banks and represent a diverse group of charters and geography with 20 different states represented. All of the founders have a significant presence and commitment to the mortgage markets in their communities across the country. The LLC will act as a negotiating agent with a variety of investors such as aggregators, GSEs and Wall Street firms.
Deborah Whiteside, president and COO of ACB Mortgage LLC said, “This new venture will take the community bank mortgage business to the next level and allow community banks to benefit from the quality of the mortgages they originate and to receive a return on their capital investment.” Prior to joining ACB, Whiteside worked as the managing director at Pedestal Inc., and spent 14 years at Fannie Mae in various management positions including director of product development and director of technology marketing.