FOR IMMEDIATE RELEASE
ICBA and Freddie Mac Renew and Enhance Alliance Agreement
Washington, D.C. (April 22, 2008)—The Independent Community Bankers of America (ICBA) the nation's largest banking trade organization, and Freddie Mac today announced the extension of their five-year old alliance agreement, which gives ICBA member banks superior access to the secondary mortgage market through Freddie Mac plus a comprehensive suite of products and services designed to help them through today’s mortgage market.
The alliance provides ICBA members with incentives, technology, training resources and competitive mortgage products to assist in sales of mortgages to Freddie Mac. These advantages, when combined with standard Freddie Mac offerings, provide ICBA members a more robust set of options that will help community banks compete successfully for mortgage volume.
"ICBA is very pleased to continue to offer ICBA member community banks the highest quality services and products and our alliance with Freddie Mac enables ICBA to do that in the mortgage market," said Terry Jorde, chairman of ICBA Mortgage, and ICBA subsidiary, and president and CEO of CountryBank USA, Cando, N.D. "Community banks are common sense lenders who are interested in finding a mortgage that is right for our customers and Freddie Mac is a valuable partner in this effort."
"Today’s announcement should reassure ICBA members that their access to the mortgage products and services they need will continue through the current market conditions," said Iliana Ghanem, vice president for community and regional lending at Freddie Mac. "Our alliance with ICBA underscores our commitment to the special needs of our community lender customers and to make home possible in their communities."
Key features of the Freddie Mac-ICBA alliance include:
Technology advantages using Freddie Mac’s Loan Prospector automated underwriting service and a Mortgagebot with Loan Prospector® business-to-consumer website for online mortgage lending;
Secondary market sale advantages, with cash executions customized to meet individual business needs;
Increased access to capital markets and portfolio management experts;
Guaranteed rural housing loan products that help bankers reach more borrowers in rural communities.
First announced in 2003, the ICBA/Freddie Mac alliance is designed to help ICBA members serve more customers and stay competitive in today’s dynamic marketplace. The new alliance agreement extends the relationship between the two organizations through March 2011. For more information on the ICBA alliance, visit www.icba.org or freddiemac.com/singlefamily/icba.html or call Freddie Mac at 1-866-522-1143.
About Freddie Mac
Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters. For more information, visit freddiemac.com.