PONTE VEDRA BEACH, Fla., June 27, 2014 /PRNewswire/ -- Capital Markets Cooperative, LLC (CMC), a nationwide alliance of mortgage bankers, announced that its wholly owned subsidiary, CMC Funding Inc., has been selected by the Federal Home Loan Bank of Indianapolis (FHLBI) as its partner for the servicing-released portion of the Mortgage Purchase Program (MPP).
"CMC and the FHLBI share a common philosophy and we both provide our members outstanding value along with superb support" said Tom Millon, CEO and President of CMC. "CMC is focused on flexibility, adaptability and service for the MPP customers. We developed state-of-the-art technology for the delivery of the servicing asset, and will provide liquidity and more product options to the FHLBI's community lenders."
CMC was founded in 2003 and has grown year-over-year to become one of the mortgage banking industry's leading institutions. CMC now has active relationships with over 180 mortgage lenders and financial institutions. Its patrons originated over $100 billion of residential mortgage loans in 2013, nearly a 6% market share.
"We're excited about this new partnership with CMC," commented Greg Teare, Senior Vice President-Chief Banking Officer for the FHLBI. "The company has a solid reputation in the mortgage industry led by experienced mortgage professionals that focus on small- and medium-sized institutions, making CMC a good fit for our MPP."
About Capital Markets Cooperative
Ponte Vedra Beach, Florida-based Capital Markets Cooperative (www.capmkts.org) leverages the collective power of a nationwide network of mortgage bankers to negotiate better pricing, products and service during the process and sale of mortgages. Patrons choose from a wide array of services including risk management and hedging solutions; a full roster of preferred investor and service providers; MSR valuations and analytics; and servicing acquisitions through its wholly owned subsidiary, CMC Funding.
About the Federal Home Loan Bank of Indianapolis:
The Federal Home Loan Bank of Indianapolis (FHLBI) is one of 12 regional banks that make up the Federal Home Loan Bank System. FHLBanks are government-sponsored enterprises created by Congress to ensure access to low-cost funding for their member financial institutions. FHLBanks are privately capitalized and funded, and receive no Congressional appropriations. The FHLBI is owned by its Indiana and Michigan financial institution members, which include commercial banks, credit unions, insurance companies, and savings banks. For more information about the FHLBI, visit www.fhlbi.com.
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