FOR IMMEDIATE RELEASE
ICBA and Fannie Mae Renew Partnership: Community Banks Receive Enhanced Secondary Market Assistance
Washington, D.C. (May 24, 2005)—The Independent Community Bankers of America (ICBA) and Fannie Mae have renewed and enhanced a three-year-old partnership program to increase community banks' access to the secondary market and expand homeownership opportunities in small towns, big cities and suburban neighborhoods across the country. The formal agreement between ICBA and Fannie Mae extends the current partnership program another three years through March 1, 2008.
Established in 2002, the partnership program provides ICBA members that enter the secondary market directly with a comprehensive package of mortgage services. Participating banks have taken advantage of the program’s array of products, pricing and educational benefits—including training through Fannie Mae’s Housing Finance Institute to help minority, immigrant and underserved borrowers become homeowners.
Included in the 2005 renewal agreement are the following program enhancements for ICBA members:
- Improved participating member pricing;
- Incentives to attract new customers and reward existing participating members with a member- advantaged technology resources package;
- Extended Housing Finance Institute discounts to encourage members to gain the knowledge necessary to compete in their marketplace; and
- A recommitment of Fannie Mae’s collective resources to assist members in addressing rural housing challenges.
“Extending and enhancing this partnership program with Fannie Mae will help the nation’s community banks continue to serve the full array of their customers’ diverse home financing needs,” said ICBA President and CEO Camden R. Fine. “Widespread homeownership is a crucial economic foundation of every thriving community. This program helps ICBA members remain indispensable players in bringing the American dream to more and more individuals and families across the country.”
"We appreciate the leadership of ICBA and its members in extending this partnership for another three years because it provides additional ways for community bankers to offer the best products, services and technologies for their customers and communities,” said Mercy Jimenez, Fannie Mae's senior vice president for single family mortgage business. “Working together, we’re looking forward to doing even more in the years ahead.”
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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.