WASHINGTON — Community Bank Mortgage LLC, an American Bankers Association subsidiary, paid out $2.15 million in 2011 to participating banker-owners who sold loans to LLC affiliates. The average payout to active owners was $50,026.
"Owner banks are committed in taking an active role in shaping the future of the LLC while serving the needs of their customers," said Deborah Whiteside, president and COO of Community Bank Mortgage LLC said. "We're pleased to have the opportunity to expand the mortgage lending options available to community banks across the country," said Whiteside.
Community Bank Mortgage LLC is a unique and ABA-exclusive mortgage cooperative structure designed to leverage the collective bargaining power of risk-averse community banks that actively sell loans in the secondary market. The association and 62 ABA member banks jointly own the LLC, and those institutions enjoy aggressive loan-sale executions through that ownership power.
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation's $13 trillion banking industry and its two million employees. The majority of ABA's members are banks with less than $185 million in assets. Learn more at aba.com.
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