SunTrust’s mortgage correspondent channel will create liquidity for banks originating mortgage loans by purchasing the loans that banks might otherwise have kept in their portfolio, the Washington, D.C.-based trade association that represents banks of all sizes and charters said in a press release.
Through this alliance, ABA members will now have full access to a variety of SunTrust’s mortgage products.
“SunTrust’s mortgage products can help banks remain competitive in their marketplace and meet the mortgage financing needs of their customers,” said Dorinda Smith, senior vice president, correspondent production manager for SunTrust Mortgage.
The Richmond, Va.-based bank joins a group of existing strategic solutions providers that offer ABA members advantaged programs to help them compete in the areas of compliance, fraud prevention, loan sales, quality control, operational efficiency and mortgage portfolio risk analysis.
“SunTrust’s mortgage program allows smaller banks to continue to offer a robust mortgage lending program by providing portfolio liquidity,” said William Kroll, executive vice president of ABA’s corporation for American banking, in the release. “The solutions endorsed by ABA, like SunTrust Mortgage, are intended to help our members increase revenue and profit and ultimately succeed.”