PONTE VEDRA BEACH, Fla., June 26, 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 Cincinnati (FHLB Cincinnati) as its partner for the servicing-released portion of the Mortgage Purchase Program (MPP).
"The partnership between CMC and the FHLB Cincinnati is a natural one," said Tom Millon, CEO and President of CMC, "We share a common philosophy to provide our members outstanding value and top-notch support. CMC has developed state-of-the-art technology for the delivery of the servicing asset, and will provide liquidity and more product options to the FHLB Cincinnati'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.
The FHLB Cincinnati's MPP was introduced in 2000 to further support the company's mission of expanding housing finance opportunities in the Fifth District of Kentucky, Ohio and Tennessee. While the FHLB Cincinnati's Advance programs provide funding for members that originate and hold mortgages on their books, the MPP assists members that originate and sell their mortgage loan activity. Under the MPP, the FHLB Cincinnati purchases qualifying residential mortgage loans from its members and holds these loans on its balance sheet as an earnings asset.
"We look forward to our partnership with CMC, to bring seamless execution to our members and their customers," said R. Kyle Lawler, Executive Vice President-Chief Business Officer, FHLB Cincinnati.
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 Cincinnati:
The Federal Home Loan Bank of Cincinnati is a $101 billion regional wholesale bank providing financial services for residential housing and economic development to 722 member financial institutions located in the Fifth FHLBank District of Kentucky, Ohio and Tennessee. The FHLB Cincinnati is rated Aaa by Moody's. The FHLBank System, including 12 district FHLBanks and nearly 7,800 members, was chartered in 1932 by the U.S. Congress to promote housing finance but is wholly owned by its member institution stockholders and does not use taxpayer dollars.
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- wholly owned subsidiary
- mortgage lenders