ACB Touts 'Mortgage Solutions' Program

Nearly 450 members of America's Community Bankers are selling mortgages to Fannie Mae, Freddie Mac, and private wholesalers participating in the trade group's Mortgage Solutions program.Those institutions, which represent nearly 40% of ACB's membership, have sold $10 billion in loans to the wholesalers so far this year. Last year, loan volume totaled $22 billion. The Mortgage Solutions program, which was started in early 2001, offers thrifts and savings banks special deals as well as access to technology. Countrywide Home Loans, Principal Residential Mortgage, and Financial Freedom Senior Funding Corp. also participate in the conduit program. "Collectively, our members have accrued bottom-line value of more than $60 million through the unprecedented member-advantaged features of these programs," ACB spokesman Robert Schmermund said. ACB can be found online at http://www.acbankers.org.