Stonegate Mortgage to Buy Loans from ABA Cooperative
The American Bankers Association has lined up Stonegate Mortgage Corp. to serve as a secondary market investor for its mortgage cooperative, Community Bank Mortgage LLC.
“We’re very pleased to enter into this agreement with Stonegate Mortgage. Our bank owners will benefit from the execution advantage Stonegate brings to the table,” said Deborah Whiteside, president and chief operating officer of the CBM co-op.
The ABA’s subsidiary mortgage cooperative was launched in 2007 and currently has 63 member banks.
SunTrust and Plaza Mortgage also purchase mortgages from CBM members.
“Stonegate is excited to enter this partnership,” said SMC executive vice president Steve Landes. “We see it is a chance to affirm our position as one of the fastest-growing privately held mortgage lenders in the United States and provide additional benefits to our existing customers that are members of this mortgage cooperative, as well as provide mortgage products to their extensive list of member owners,” Landes said.
Stonegate Mortgage, based in Indianapolis, primarily purchases Fannie Mae and Freddie Mac eligible mortgages. It also offers some jumbo products.