The American Bankers Association has opened the door for more of its members to sell residential mortgages to Wells Fargo Funding under a special pricing arrangement.
"Under the terms of the agreement, Wells Fargo Funding will offer eligible ABA member banks a full-range of products at advantaged pricing levels," according to ABA Business Solutions, a division of the trade group.
Wells Fargo Home Loans has been a "preferred" secondary market investor for ABA's mortgage cooperative, Community Bank Mortgage LLC since 2007, but only 55 ABA member banks are co-owners of the cooperative.
Nearly 1,000 banks have signed up for the free services offered. (ABA Business Solutions and 700 banks are active members.)
"Now all eligible ABA member banks can take advantage of the strong Wells Fargo offerings," said ABA Business Solutions president William Kroll. Business Solutions also has alliances with Fannie Mae, Freddie Mac, Farmer Mac, Bank of America, Mortgagebot, Genworth Financial and MetLife.
