We are pleased to announce the launch of our loan marketplace for buying and selling loans on the Bankers’ Bank Network (BBN.BANK). This platform provides banks with an efficient, simple and cost effective way to market loans they are seeking to move off the balance sheet due to rate, concentration or asset/liability considerations. Conversely, banks in lower growth markets seeking to acquire earning assets can gain access to a large network of buyers in a diversified and transparent marketplace. In short, this is an opportunity for sellers and buyers to meet in a highly secure and efficient way.
Currently for sale on BBN.BANK are $30 Million in multiple pools of higher education student loans with a weighted average rate of 5.036% and an average FICO score of 778. The well diversified, fixed rate pools are comprised primarily of graduate level (medical, dental, etc.) borrowers. Historically, this lender’s default on these types of pools has been .05% cumulative on over $3 Billion in originations since 2013.
BBN.BANK is also working with a lender that in 2016 successfully booked and sold $2.7 Billion in high quality, residential mortgages in Massachusetts, of which $2 Billion were conventional and $700 Million were jumbo. This lender’s pools typically consist of a minimum of 720 FICO, 43% DTI or better, 80% LTV or better, and range from 5/1 ARMs at 3.125% to 7/1 ARMs at 3.25% to 10/1 ARMs at 3.5% and even 30 years fixed at 3.75%.
To learn more about this innovative venture and how it can benefit your institution, sign up for one of our introductory webinars on one of the following dates November 9th at 11am EST or November 11th at 11am EST by emailing firstname.lastname@example.org. Or simply register for free at https://BBN.BANK .
(BBN.Bank is wholly owned by Bankers’ Bank Northeast, which is expected to merge with Atlantic Community Bankers’ Bank by yearend 2017.)