Community Bank Mortgage LLC partners with Stonegate Mortgage Corp.

Community Bank Mortgage, a subsidiary of the American Bankers Association, announced on Wednesday that it had chosen Stonegate Mortgage Corp. as its newest secondary market investor.

“We’re very pleased to enter into this agreement with Stonegate Mortgage,” Deborah Whiteside, the president and COO of Community Bank Mortgage, said. “Our bank owners will benefit from the execution advantage Stonegate brings to the table.”

The agreement will allow CBM’s 63 owner banks across the country to sell competitively priced loans on a “servicing-released” basis to Stonegate as well as access Stonegate’s full line of mortgage finance products.

CBM, which was launched in 2007 and is co-owned by the ABA and community banks, was designed to leverage the collective bargaining power of risk-adverse community banks that actively sell loans in the secondary market.

Steve Landes, the executive vice president for loan origination at Stonegate, said that the firm is excited to enter into the agreement with CBM.

“We see it as a chance to affirm our position as one of the fastest growing privately held mortgage lenders in the United States and provide additional benefits to our existing customers that are members of this mortgage cooperative, as well as provide mortgage products to their extensive list of member owners,” Landes said.

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