ABA Endorses Fulfillment And Correspondent Services

The American Bankers Association – through its subsidiary the Corporation for American Banking – has endorsed the fulfillment and correspondent lending services of Stearns Lending, LLC’s Financial Institutions Group. Stearns Lending is a leading independent mortgage lender and servicer with wholesale, retail, correspondent and strategic alliance production channels. Stearns Financial Institutions Group is the sole independent mortgage banking firm listed as an ABA Endorsed Mortgage Lending Solution.

Selecting Stearns for this endorsement followed a comprehensive due diligence process that included extensive review of the company’s mortgage fulfillment capacity, product menu, regulatory compliance framework, management strength and financial soundness. The review was conducted by industry experts and field-tested by bankers to meet stringent customer-service standards, as well as ABA’s quality standards.

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“We’re pleased to work with Stearns Lending to provide our members with a price-advantaged, endorsed solution for mortgage fulfillment and correspondent loan services. The fulfillment option will enable our banks to continue meeting their customer’s mortgage financing needs, instead of exiting the market due to the increased costs and risks associated with many of the new regulations. The correspondent services will provide ABA banks with a full suite of mortgage products and services to help them be competitive in their markets,” said Bryan Luke, chairman of ABA’s Endorsed Solutions Banker Advisory Council. “This endorsement signifies our confidence that ABA’s diverse membership can rely on Stearns for top quality performance and successful results.” Luke is also president and COO of Hawaii National Bank in Honolulu.

“We are pleased to receive this endorsement from the American Bankers Association, and look forward to being a strong partner with its member institutions, many of whom already enjoy the advantages of a relationship with us,” said Dave Loyst, SVP of Stearns’ Lending Financial Institutions Group. “The primary mission of our Financial Institutions Group is to provide new mortgage lending strategies and services for ABA members and their customers. We are eager to demonstrate that our ‘I Can Help You!’ philosophy can enhance mortgage origination efforts for both large and small financial institutions.”

Stearns has been providing mortgage fulfillment solutions to financial institutions for more than 18 years, offering customizable solutions to enhance the mortgage platform of both large and small financial institutions. The company is an approved lender for government programs (FHA, USDA, VA) and is an approved seller-servicer with the GSEs, which helps its financial institution partners meet their customers’ needs for a more robust loan product mix while reducing costs and mitigating recent compliance and regulatory challenges.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.