The American Bankers Association's mortgage subsidiary, ABA Community Bank Mortgage, has chosen BOK Financial Correspondent Lending to be its newest secondary market investor.
Through the new relationship, ABA Community Bank Mortgage owner banks can sell agency-eligible and jumbo loans on a servicing-released basis to BOK Financial. These banks will also have access to BOK Financial's full line of fixed-rate, ARM and affordable lending products.
BOK will warrant contractually with each client not to cross-sell their borrowers any bank products. BOK will also refer mortgage customers back to their respective banks in the event they contact BOK and wish to engage in a new transaction.
"The alliance with BOK Financial provides additional product and pricing power for our owner banks to better serve their customers and communities," said John Schoemer, chairman of ABA Community Bank Mortgage and executive vice president of Bethesda, Md.-based Presidential Bank, in a news release Friday.
