The company anticipates that its new role as a Central Servicer will allow for greater efficiencies that should ultimately support its mission of helping reduce the cost of capital to rural America while also bringing key benefits to its customer base. In addition to the servicing rights acquired from Conterra, Farmer Mac will also service certain new loans originated through Farmer Mac’s network of sellers alongside the remaining network of Central Servicers, which will continue to operate under the current central servicing model. Farmer Mac also hired key personnel from Conterra’s loan servicing team to further solidify its loan servicing capabilities. As part of this strategic transaction, Farmer Mac purchased all of Conterra’s servicing rights to loans owned by Farmer Mac, covering a sizeable portion of Farmer Mac’s total Farm & Ranch and USDA Guaranteed loan portfolios. With the expansion of its own loan servicing capabilities, Farmer Mac will now serve as a Central Servicer for all loans owned by Farmer Mac that are currently serviced by Conterra Ag Capital (“Conterra”), one of Farmer Mac’s primary Central Servicers, who will continue to work closely with Farmer Mac as a valued loan originator. To further bolster these capabilities, the company has purchased the loan servicing rights for a portion of its Farm & Ranch and USDA Guaranteed loan portfolios through a strategic acquisition.įarmer Mac has historically chosen a decentralized model to service its loan portfolios, contracting with a network of third-party institutions (“Central Servicers”) to undertake most of the loan servicing responsibilities for its Farm & Ranch and USDA Guaranteed loan portfolios. 18, 2021 /PRNewswire/ - The Federal Agricultural Mortgage Corporation (Farmer Mac NYSE: AGM and AGM.A), the nation’s secondary market provider that increases the availability and affordability of credit for the benefit of rural America, announced today that it is enhancing its operations by expanding its internal loan servicing function. ''We look forward to working with the new directors to further this mission and in so doing help to ensure the continued growth and prosperity of rural America,'' Junkins added.WASHINGTON, Aug. Our two new directors will bring valuable skills that will enhance the expertise of Farmer Mac's Board as we strive to fulfill our Congressional mission. Farmer Mac is uniquely positioned to offer solutions to rural lenders that bring added credit opportunities for farmers, ranchers, and rural businesses, including rural utility cooperatives. Additionally, Sherrick serves as the university's director of the center for farm and rural business finance.Ĭulver is replacing Julia Bartling on Farmer Mac's board of directors, while Sherrick is taking over from Glen Klippenstein, who was previously the vice chairman of the board.Ĭommenting on the appointments of Culver and Sherrick, Farmer Mac's chairman Lowell Junkins said, ''On behalf of Farmer Mac, I would like to extend a warm welcome to the new members of the Board of Directors. Sherrick is currently a professor of agricultural and applied finance within the department of agricultural and consumer economics for the ''University of Illinois''. He has also served as Iowa's secretary of state, as well as the federal liaison to Congress by the Democratic Governors Association. The two candidates were recently confirmed by the Senate, and both were officially sworn in the week of April 2.īoard of directors, Culver held the governorship for Iowa from 2006 until 2010. Chester Culver and Bruce Sherrick have joined Farmer Mac's directorship.īoth Culver and Sherrick were nominated to the prestigious position by President Obama.

The organization recently announced that former Iowa Gov. The ''Federal Agricultural Mortgage Corporation'':, also known as Farmer Mac, has added two new members to its board of directors.

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