WASHINGTON — America's Community Bankers recently launched ACB Mortgage, LLC, a joint venture with its members designed to leverage the aggregate quality and volume of community bankers' mortgage business.
Michael Young, president/CEO of Cenlar FSB, Ewing, N.J., made the announcement before several hundred attendees at ACB's National Real Estate Lending Conference in Lake Las Vegas. "What makes ACB Mortgage LLC unique is that it is jointly owned and governed by America's Community Bankers and community banks committed to serving their customers' mortgage needs and growing the market for community bank lenders," he said.
The LLC will allow community banks to improve their ability to compete successfully in the mortgage markets to increase their mortgage production. The LLC's founders consist of 32 community banks with a significant presence and commitment to the mortgage markets in their communities. The LLC will act as a negotiating agent with a variety of investors such as aggregators, GSEs and Wall Street firms.
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ACB Mortgage, LLC is a subsidiary of ACB's for profit, subsidiary ACB Business Partners, Inc. Deborah Whiteside, president/COO of ACB Mortgage, LLC said, "This new venture will take the community bank mortgage business to the next level and allow community banks to benefit from the quality of the mortgages they originate and to receive a return on their capital investment."
Prior to joining ACB, Whiteside worked as the managing director at Pedestal Inc., and spent 14 years at Fannie Mae in various management positions including director of product development and director of technology marketing.
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