For Immediate Release
March 27, 2017
ABA Media Contact: Sarah Grano
(202) 663-5470
Email: sgrano@aba.com​
Follow us on Twitter: @ABABankers

ABA Community Bank Mortgage LLC Announces Agreement with PennyMac

​WASHINGTON — ABA Community Bank Mortgage LLC, a subsidiary of the American Bankers Association, has selected PennyMac Financial Services, Inc. as a secondary market investor.
 
This selection means that ABA Community Bank Mortgage LLC owner banks can sell agency-eligible loans on a servicing-released basis to PennyMac Financial and can access PennyMac’s full line of lending products.
 
“PennyMac has become the largest non-bank correspondent investor by being a great and consistent business partner.  Coupled with our tremendous respect for the community banks and their customers, this makes our collaboration with the ABA a win-win,” said Doug Jones, president of PennyMac Loan Services.
 
In addition to its ranking as the largest non-bank correspondent lending aggregator, PennyMac Financial is the fourth largest participant in the U.S. mortgage origination market overall.
 
“The alliance with PennyMac provides additional product and pricing power for our owner banks to better serve their customers and communities,” said John Schoemer, chairman of ABA Community Bank Mortgage LLC. “PennyMac, through a demonstrated competitive pricing and fulfillment platform, will help our owner banks compete effectively in their markets.” Schoemer is also executive vice president of Presidential Bank, Bethesda, Md.
 
ABA Community Bank Mortgage LLC offers community bankers an innovative option for managing and building their mortgage business. Co-owned by ABA’s Corporation for American Banking subsidiary and community banks, this cooperative-style enterprise leverages the power of joint ownership for better execution on loans sold into the secondary market.  By aggregating volume, the ABA Community Bank Mortgage LLC is able to leverage the quality and total volume of the owner banks' loan production.
 
 “Our new partnership with PennyMac will provide participating banks with competitively priced conforming and jumbo products – enhanced by the power of ownership,” said Deborah Whiteside, president and COO of ABA Community Bank Mortgage LLC.
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.
 

 
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