ICBA News Release
FOR IMMEDIATE RELEASE
ICBA and Fannie Mae Renew Partnership
Relationship Provides New and Enhanced Benefits to Community Bankers
Washington, D.C. (Oct. 18, 2007)—The Independent Community Bankers of America (ICBA) and Fannie Mae announced they have renewed and enhanced their five-year-old partnership under which community bankers have greater access to the secondary market and can help expand homeownership opportunities in small towns, big cities and suburban neighborhoods across the country. The agreement between ICBA and Fannie Mae includes the coordination with members of ICBA Mortgage and extends the current relationship through 2010.
“Through the enhanced partnership with Fannie Mae, community banks across the country are able to better serve customers’ home financing needs through quality lending,” said Camden Fine, ICBA president and CEO. “This improved partnership will give ICBA members additional resources to help individuals and families in their community achieve sustainable homeownership.”
“The ICBA-Fannie Mae partnership offers expanded services to ICBA member banks, increases the value of their membership and helps them maintain relationships with their customers,” said Dave Petro, president of ICBA Mortgage, the ICBA subsidiary that manages the partnership. “As highly capitalized and tightly regulated financial institutions, community banks are a great place for people to obtain financing for a home they can afford, and afford to keep.”
The partnership provides ICBA members with a comprehensive package of benefits and mortgage services. Participating community banks have taken advantage of the program’s array of products, pricing and educational benefits.
Enhancements in the renewal agreement include:
Simplified benefits structure that includes a credit applied to the purchase price of loans at the time of purchase by Fannie Mae;
Enhanced delivery services for members selling loans in bulk;
Reduced Desktop Underwriter® licensing and transaction fees to accommodate new and existing lenders using this Fannie Mae technology;
Extended discounts to encourage member banks to use Housing Finance Institute to gain the knowledge necessary to compete in their marketplace. Housing Finance Institute is found at www.efanniemae.com.
ICBA Mortgage offers a complete range of secondary mortgage market programs to meet the business strategies of any member-bank.
About ICBA Mortgage
ICBA Mortgage Corporation is a wholly owned subsidiary of the Independent Community Bankers of America, "The Nation's Voice for Community Banks." Since 1991, ICBA Mortgage has provided more than 1,000 community banks with equitable access to the secondary mortgage market. The ICBA Mortgage program offers a wide range of long term, fixed and adjustable rate mortgages on primary and second homes, plus investment properties. This broad range of products, including FHA and VA loans makes it possible for community banks to serve all their customers while attracting new ones. For more information, visit the ICBA Mortgage website at www.icbamortgage.com.