NEW YORK, July 9, 2014 /PRNewswire/ — ABA Community Bank Mortgage LLC has selected Five Oaks Investment Corp. (NYSE: OAKS) (the "Company" or "Five Oaks") as its newest secondary market investor, a move that will allow owner banks to sell non-conforming jumbo loans on a servicing-released or servicing-retained basis to Five Oaks (through its wholly owned subsidiary, Five Oaks Acquisition Corp.) and access their full line of fixed rate and ARM products. Five Oaks is also announcing a private label servicing solution for owner banks.
"Our alliance with Five Oaks will provide owner banks with competitively priced jumbo products in markets that have previously been inaccessible," said Deborah Whiteside, president and COO of ABA Community Bank Mortgage LLC.
Co-owned by the Corporation for American Banking – an ABA subsidiary – and community banks, the ABA Community Bank Mortgage LLC leverages the power of joint ownership for better execution on loans sold into the secondary market. By aggregating volume, the LLC is able to leverage the quality and total volume of the owner banks' loan production.
"Five Oaks is very excited about providing a jumbo loan solution to the ABA's owner banks allowing them to sell their fixed rate jumbos to a public REIT non-competitor," said David Carroll, Chief Executive Officer of Five Oaks.
"This alliance with Five Oaks adds more value to the advantages our owner banks currently receive through our LLC," said John Schoemer, chairman of ABA Community Bank Mortgage LLC. Schoemer is also executive vice president of Presidential Bank, Bethesda, Md.
About ABA Community Bank Mortgage LLC
ABA Community Bank Mortgage LLC offers community bankers options for managing and building their mortgage business. Co-owned by Corporation for American Banking, an ABA subsidiary, and participating community banks, this cooperative-style venture leverages the power of joint ownership by like-minded community bankers to obtain the most preferred terms possible. All ABA member banks are eligible to become owners of ABA Community Bank Mortgage LLC. For more information, visit aba.com/mortgageLLC
About the Corporation for American Banking
ABA endorsed solutions help banks make money, save money, diversify income and improve efficiency. Backed by a comprehensive due-diligence process, these select solutions are analyzed by industry experts, field-tested by bankers and meet stringent customer-service standards. Brought to you by the Corporation for American Banking, a subsidiary of the American Bankers Association. Learn more at aba.com/endorsed.
About Five Oaks Investment Corp.
Five Oaks Investment Corp. is a real estate investment trust ("REIT") focused on investing in, financing and managing a portfolio of residential mortgage-backed securities ("RMBS"), residential mortgage loans and other mortgage related investments. Five Oaks common stock is traded on the New York Stock Exchange under the ticker symbol "OAKS". For more information, visit www.fiveoaksinvestment.com.
Five Oaks Investment Corp. Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. securities laws that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission, which are available on the Securities and Exchange Commission's website at www.sec.gov.
All subsequent written and oral forward-looking statements that the Company makes, or that are attributable to the Company, are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Five Oaks Investment Corp.- Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional information regarding the Company at the SEC's Internet site at http://www.sec.gov/ or the Company website www.fiveoaksinvestment.com or by directing requests to: Five Oaks Investment Corp., 540 Madison Avenue, 19th Floor, New York, NY 10022, Attention: Investor Relations.
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SOURCE Five Oaks Investment Corp.