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About CMB
CMB Financial Corp. was established by Bob Jarmak in 1992, and has continuously been providing products and services to community financial institutions, including mutuals and credit unions.
The president, Bob Jarmak is President and CEO of CMB, continues to teach full time, and has had the following business experience and education:
- Professor, Chair, Department of Computer Science, Manchester (NH) Community College - (Current);
- President & CEO CMB Financial Corp. - (Current);
- President & CEO 8th largest mortgage banker in Northeast US - 5 yrs.;
- VP, Investments(UST,MBS,Muni), Major Super Regional Bank - 5 yrs.;
- VP, Major Wall St. Firm - 5 yrs.;
- Bank COO, EVP, CFO, Sr. Bank Lender- 10 yrs.
- B.S. Bates College Lewiston, ME; M.S. Thomas College Waterville, ME
Chris Jarmak is vice-president of CMB, and is a recent graduate of the University of New Hampshire in Durham, with a B.S. in business with a concentration in finance.
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WHY Choose CMB?
CMB has been providing timely, accurate and useful mortgage servicing valuations since 1995. These have been accepted by all the major accounting firms.
Mortgage servicing valuation is our primary business.
CMB Clients
CMB clients include both public and mutual thrifts, credit unions and commercial banking firms.
We currently provide valuations to over 40 institutions with over $6 billion in mortgage servicing.
About FASB 156 and mortgage servicing valuation
In March 2006, FASB issued an amendment to FASB 140, which generally became effective for fiscal years beginning 01/01/2007.
This imposed new requirements for accounting for OMS/MSA's (loans sold with servicing rights retained).
It also offered different methods of accounting for the income generated from mortgage servicing, some of which were clearly advantageous to servicers.
Combined with FASB 140, these accounting treatments are mandatory, not optional.
CMB Monthly OMS Report (PDF)
FAQ - Valuing Mortgage Servicing