IndyMac Bank has entered into a strategic alliance with America's Community Bankers to provide correspondent services to the association's member banks and thrifts.Under the terms of the agreement, ACB community banks will be able to sell loans to the Pasadena, Calif., thrift on a servicing-retained basis. "The servicing-retained feature will allow our members to sell mortgages into the secondary market while still maintaining an ongoing relationship with their customers," said William Kroll, president and chief executive of ACB Business Partners. IndyMac Bancorp is the nation's 12th-largest mortgage originator, according to the Mortgage Industry Directory published by National Mortgage News. In 2004, its correspondent division purchased $13.7 billion in loans. "IndyMac Bank is proud of this alliance with ACB," said Len Israel, president of IndyMac's correspondent division. ACB members will have access to IndyMac's QuickPricer and e-MITs technology that provides "online risk-based pricing, decisioning, and rate-locking in less than one minute," he said. ACB also has alliances with Fannie Mae, Freddie Mac, Countrywide Financial Corp., CitiMortgage, and Freedom Financial.
