Freddie, bankers partner
May 6, 2004
MoneyLine products aim to help banks serve more potential home buyers
Freddie Mac and the American Bankers Association (ABA) have added mortgage fulfillment services to their package of benefits available to ABA members. MoneyLine Lending Services, a company specializing in private-label mortgage fulfillment services, is now part of the ABA/Freddie Mac Alliance offerings available to ABA members to help them develop and enhance their mortgage capabilities.
Through the alliance, MoneyLine offers a complete mortgage fulfillment program, including borrower consultation, processing, underwriting, funding and secondary market capabilities. MoneyLine also offers a partial fulfillment program that aims to streamline ABA members' post-application operations.
"This turn-key service is perfect for banks that may not focus on mortgage lending, yet want to offer the service to their customers," said ABA President Don Ogilvie. "This arrangement is one more way we can help our members provide a full range of mortgage products and serve more potential home buyers."
With MoneyLine's mortgage fulfillment services, borrowers are able to submit a loan application and track the progress of their loan online, at their local branch or by phone. MoneyLine uses proprietary technology and an experienced staff to deliver customized mortgage services – including loan assessments with Freddie Mac's Loan Prospector – and complete processing, funding and delivery to the secondary market.
Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities.
The American Bankers Association is the nation's largest bank trade group that includes a membership of community, regional and money center banks and holding companies, as well as savings associations, trust companies and savings banks.
Copyright: Inman News Features