IRVINE, Calif.--(BUSINESS WIRE)--Commerce Home Mortgage, LLC (“Commerce”) – the wholly owned subsidiary of The Capital Corps, LLC – announced today that it has become a member of the Federal Home Loan Bank of San Francisco (FHLB). This achievement marks a significant milestone for Commerce, as it is now the only independent mortgage company that is approved with Fannie Mae, Freddie Mac and Ginnie Mae; certified as a Community Development Financial Institution (CDFI); and a member of the FHLB.
“Our membership in the Federal Home Loan Banking system offers us many of the benefits traditionally enjoyed by banks. Commerce now offers a truly differentiated platform for top mortgage originators. As we move forward, we expect that our FHLB membership will enable us to expand the spectrum of proprietary mortgage products which we are able to offer borrowers,” Ted Ray, President of Commerce, said.
The FHLB seeks to enable families and individuals of all income levels to obtain quality housing and become homeowners by providing products and services that help its member financial institutions expand the availability of mortgage credit, compete more effectively in their markets, and foster strong and vibrant communities through community and economic development. The FHLB’s financial products and services are recognized as among the most cost-effective and versatile in the industry, as the FHLB is able to raise funds at rates that are close to Treasury security yields.
“Commerce’s FHLB membership will allow us to do great things for diverse, underserved borrowers and communities by expanding relationships with and providing good loans to minority and underbanked borrowers. Our mission, as the Commerce Home Mortgage Advisory Board, is to ensure that Commerce appropriately meets the needs of the underserved and supports innovative affordable housing initiatives that revitalizes communities. Being a FHLB member with the ability to utilize the FHLB’s full suite of products and services will help Commerce do just that!” stated Faith Bautista, Chair of Commerce’s Community Advisory Board and Chief Executive Officer of the National Diversity Coalition.
Commerce provides a full range of both traditional and non-traditional mortgage programs. Its newly launched, proprietary portfolio products are perfectly suited for prime borrowers who are underbanked, self-employed or require flexible, common sense underwriting of the loan.
About Commerce Home Mortgage, LLC
Commerce Home Mortgage, founded in 1994, is a national mortgage banking company that is certified by the United States Department of the Treasury as a Community Development Financial Institution, and is a non-bank member of the Federal Home Loan Bank of San Francisco.
For more information: http://www.commercehomemortgage.com/
About The Capital Corps, LLC
The Capital Corps, founded in 2017 in partnership with the National Diversity Coalition, seeks to give credit to the American dream by expanding access to capital to prime, underbanked borrowers. The Capital Corps is certified by the United States Department of the Treasury as a Community Development Financial Institution and oversees its wholly-owned subsidiary, Commerce Home Mortgage.
For more information: http://www.thecapitalcorps.com/