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Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, announced today that Franklin American Mortgage Company (FAMC) is its newest preferred investor. Based in Franklin, Tenn., FAMC is a national banking firm offering diverse, flexible mortgage options through retail, wholesale and correspondent channels.
Keith Mills, executive vice president of Franklin American Mortgage, explained, “Lenders One’s members represent the kind of mortgage bankers with whom we ideally want to do business. They hold themselves to high performance standards and strive to provide quality products and service to borrowers every day. Sharing the common goal of supporting homeownership, we anticipate our new partnership with the cooperative and its members to be mutually beneficial and have an overall positive impact on the housing economy.”
FAMC’s correspondent lending division was formed to serve the needs of any size lender across the country. The channel provides quality, conservative agency products and services to assist smaller institutions compete in an increasingly tight market. As its newest investor partner, Lenders One can extend FAMC’s key delivery options and robust technology to cooperative members for loan funding and underwriting. Being FHA direct endorsed, VA automatic, an LAPP authority and a Fannie Mae, Freddie Mac and Ginnie Mae approved seller/servicer, FAMC will support Lenders One members with a variety of loans through its correspondent platform.
“Franklin American Mortgage is a natural complement to our current stable of preferred investors,” said Scott Stern, CEO of Lenders One. “Franklin American Mortgage stands for responsibility and trust, two characteristics our members covet in their choice for correspondent lending partners. As a result of its status as a preferred investor, FAMC will have access to our membership base of premier mortgage bankers while our members will have access to special terms from FAMC due to the collective buying power of Lenders One.”