ICBA Adds Servicing Option

The Independent Community Bankers of America has teamed up with wholesaler Taylor, Bean & Whitaker Mortgage Corp. to give its member banks an option to sell their loans servicing-released and achieve better pricing and service for their mortgage customers.

"It is the philosophy of Taylor, Bean & Whitaker that attracts us to them because they have a community bank focus," said ICBA Mortgage senior vice president Elizabeth Deal.

TB&W offers clients a Web-based origination system, called CommunityBank-Online, which allows the bank's officers to maintain control of customer relationships throughout the origination process and servicing of the loan.

The Ocala, Fla.-based wholesaler will not cross-sell to the bank's customers and customers still make their mortgage payments to the bank, Ms. Deal noted.

TB&W also pledges that clients using its CBO origination system are not subject to buyback or repurchase requirements. "There is absolutely no exposure to risk," the company says on its website.

ICBA's mortgage subsidiary already has alliances and partnerships with Fannie Mae, Freddie Mac and IndyMac Bank for member banks that want to sell their loans and retain the servicing.

The ICBA Mortgage SVP said a "large portion of our banks" want to sell their mortgages servicing-released. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com

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