ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 11, 2002 #02-9
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS, COUNTRYWIDE ANNOUNCE MORTGAGE MARKET ALLIANCE

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SCOTTSDALE, Ariz. — America’s Community Bankers and Countrywide Home Loans have formed an alliance that will give ACB member community banks additional options and benefits for selling mortgage loans into the secondary market.

The agreement with Countrywide was announced today at ACB’s Real Estate Lending Conference here. This ACB Member-Advantaged Program will be managed by ACB Partners, Inc., a subsidiary of ACB. The program is available only to ACB members.

“We’re excited about the breadth of products and services Countrywide is offering to ACB members,” said ACB Chairman Curtis L. Hage. “In addition to its extensive product line, Countrywide’s powerful technology platform will enable community banks to streamline their operations and reduce costs.”

“We have worked with ACB to craft a program specifically to benefit community banks,” said Doug Jones, managing director of Countrywide’s Correspondent Lending Division. “Our package of products and technology will help ACB members increase fee income, decrease risk, and improve operational efficiencies, and will significantly enhance community banks’ ability to compete with larger institutions.”

The Countrywide alliance offers community banks a streamlined application and approval process; pricing benefits available to ACB members that are usually available only to the largest lenders; and aggressive delivery options, including early payoff periods; restrictions on cross-selling to bank customers; and flexibility on loans originated under captive mortgage insurance programs.

ACB members will have unrestricted access to Countrywide’s wide range of loan programs, including conforming conventional and FHA/VA loans, as well as jumbo, Alt A and community lending programs.

Countrywide also offers advanced web-based technology, including automated underwriting (including its own CLUES); electronic pricing for all loans programs; and closing services, including credit reports, appraisals and flood certifications.

“ACB members who serve markets with mortgage needs outside of the conforming products will appreciate having access to this market with the professionals of Countrywide. The team of members who worked toward this agreement are pleased to offer this alternative product line,” said E. Lee Beard, chair of the ACB team. Beard is also president and CEO, First Federal Bank, Hazleton, Pa.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

ACB Partners, Inc., the business solutions marketplace for community banking, creates and markets programs and services that give ACB members leading-edge solutions with best-in-class companies. Partners’ business solutions provide unique member advantages designed to enhance the community bank’s competitiveness in their markets.

Countrywide Home Loans, Inc., is the primary subsidiary of Countrywide Credit Industries, Inc. It originates, purchases, securitizes, sells and services home loans, according to its founding principle of affordable homeownership. Countrywide Home Loans is the largest direct online lender, offering loan applications, rich content and strong transaction capability through www.countrywide.com and a nationwide branch network. Countrywide is ranked “#1 in customer satisfaction among the largest national home mortgage lenders” by J.D. Power and Associates.

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