WASHINGTON – ABA Community Bank Mortgage LLC has selected Five Oaks Investment Corporation as its newest secondary market investor, a move that will allow owner banks to sell non-conforming jumbo loans on a servicing-released or servicing-retained basis to Five Oaks and access their full line of fixed rate and ARM products. Five Oaks is also announcing a private label servicing solution for owner banks.
"Our alliance with Five Oaks will provide owner banks with competitively priced jumbo products to offer their customers and increase their market share" said Deborah Whiteside, president and COO of ABA Community Bank Mortgage LLC.
Co-owned by the Corporation for American Banking – an ABA subsidiary – and community banks, the ABA Community Bank Mortgage LLC leverages the power of joint ownership for better execution on loans sold into the secondary market. By aggregating volume, the LLC is able to leverage the quality and total volume of the owner banks' loan production.
“Five Oaks is very excited about providing a jumbo loan solution to the ABA Community Bank Mortgage owner banks allowing them to sell their fixed rate jumbos to a public REIT non-competitor,” said David Carroll, chief executive officer of Five Oaks.
"This alliance with Five Oaks adds more value to the advantages our owner banks currently receive through our LLC,” said John Schoemer, chairman of ABA Community Bank Mortgage LLC. Schoemer is also executive vice president of Presidential Bank, Bethesda, Md.
About ABA Community Bank Mortgage LLCABA Community Bank Mortgage LLC offers community bankers options for managing and building their mortgage business. Co-owned by Corporation for American Banking, an ABA subsidiary, and participating community banks, this cooperative-style venture leverages the power of joint ownership by like-minded community bankers to obtain the most preferred terms possible. All ABA member banks are eligible to become owners of ABA Community Bank Mortgage LLC. For more information, visit aba.com/mortgageLLC.
About the Corporation for American BankingABA endorsed solutions help banks make money, save money, diversify income and improve efficiency. Backed by a comprehensive due-diligence process, these select solutions are analyzed by industry experts, field-tested by bankers and meet stringent customer-service standards. Brought to you by the Corporation for American Banking, a subsidiary of the American Bankers Association. Learn more at aba.com/endorsed.
About Five Oaks Investment CorporationFive Oaks Investment Corp. is a real estate investment trust (“REIT”) focused on investing in, financing and managing a portfolio of residential mortgage-backed securities (“RMBS”), residential mortgage loans and other mortgage related investments. Five Oaks common stock is traded on the New York Stock Exchange under the ticker symbol “OAKS”. For more information, visit www.fiveoaksinvestment.com.
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