Mechanics and Farmers Community Bank Selects LenderLive Network® for Loan Servicing
After careful consideration and an extensive search among various servicing partners, Mechanics and Farmers Bank (M&F Bank), has selected LenderLive Network Inc., a domestic-based, end-to-end mortgage services provider, to service the bank's loan portfolio.
Based in Durham, N.C., M&F Bank has been in operation for more than 100 years, with seven branches in five major cities across the state, offering mortgages to the surrounding communities since its inception in 1908.
“During our search for the right partner, we focused on finding a company that shared our core values,” said Kim Saunders, president and CEO of the bank and its holding company, M&F Bancorp Inc. “We wanted a company like LenderLive that offered flexibility in their service offering and focused on our customers as their number one priority. Our portfolio has already received an immediate lift and we look forward to taking advantage of LenderLive's other products and services in the near future.”
In addition to its Loan Servicing division – offering a “hybrid approach” and a dedicated client management layer to direct both performing and delinquent portfolios – LenderLive also offers origination services, conduit and review services, document services and settlement services.
“It is imperative we provide the level of accessibility and quality of services that M&F's customers have come to expect,” said Dave Vida, president of LenderLive's Loan Servicing division. “LenderLive has a proven track record of designing custom servicing solutions tailored to meet our customers' specific needs. Community banks like M&F and investors alike are seeking an alternative to the ‘one-size-fits-all' servicer and LenderLive is filling that gap in the marketplace. We're looking forward to a strong relationship with M&F Bank and expanding our relationship as their trusted partner.”
About LenderLive Network Inc.
LenderLive is a domestic-based mortgage services provider. Through its five divisions – origination services, conduit and review services, document services, settlement services and loan servicing – LenderLive offers the people, technology and processes to support its clients' origination, servicing and loan purchase operations. From large-scale, centralized operations centers, the company provides services to financial institutions of all sizes on a national basis. With tens of millions of transactions processed through its expansive service offering, LenderLive offers the vision, experience and innovation on which financial institutions can rely. For more information about the company and its services, contact Rick Seehausen at 303.226.8001 or visit www.lenderlive.com.
About Mechanics and Farmers Bank
Mechanics and Farmers Bank (M&F Bank), a state-chartered commercial bank, has operated continuously and profitably since 1908. M&F Bank is one of only a few NC banks designated by the U.S. Treasury as a Community Development Financial Institution (CDFI). Its vision is to be the preferred community bank in its markets. M&F Bank is the wholly owned subsidiary of M&F Bancorp, Inc., a one-bank holding company headquartered in Durham, NC, with assets of approximately $296 million as of Dec. 31, 2012. The Company's common stock is quoted in the over-the-counter market through the OTC Bulletin Board under the symbol “MFBP.” For additional information contact M&F Bancorp Corporate Headquarters, 2634 Durham Chapel Hill Blvd., Durham, NC at (919) 687-7800 or visit www.mfbonline.com.
Charlyne H. McWilliams, 301-933-5567
Hayley Thrift, 678-781-7228