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NEWS RELEASE
May 1, 2009
ABA Media Contact: Jim Eberle
(202) 663-5477
E-mail: jeberle@aba.com
ABA MORTGAGE SOLUTIONS PROGRAM SURPASSES $100 BILLION
WASHINGTON -- The American Bankers Association's Mortgage Solutions program, designed to help community banks participate more effectively in the secondary market, passed a milestone when total deliveries of mortgages surpassed the $100 billion mark.
More than 1,000 ABA banks participate in this program, making it the most widely used secondary market program in the banking industry. Founded in 2001, the program today includes Fannie Mae, Freddie Mac, Farmer Mac, CitiMortgage and Bank of America Home Loans Correspondent Lending.
ABA Mortgage Solutions, a division of ABA Total Business Solutions that is an affiliate of ABA, negotiates member-advantaged pricing, superior delivery options, and extensive support with its secondary market partners. In 2008, participating banks accrued aggregate savings of $11.6 million.
"Thousands of homeowners have benefited from this program over the years," said Deborah Whiteside, senior vice president of ABA Total Business Solutions. “ABA's secondary market programs are the most comprehensive in the industry and are designed to help community banks be more competitive in their marketplace.”
Whiteside also announced that Fannie Mae has renewed its partnership with ABA, which dates back to the founding of the program in 2001. "We're delighted to renew our relationship with this important secondary market company," she said.
The American Bankers Association brings together banks of all sizes and charters into one association. ABA works to enhance the competitiveness of the nation's banking industry and strengthen America’s economy and communities. Its members – the majority of which are banks with less than $125 million in assets – represent over 95 percent of the industry’s $13.6 trillion in assets and employ over 2 million men and women.
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