Despite the economic challenges facing much of the mortgage industry, Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, reported growth in all key areas of its business through the first half of 2011.
Lenders One added 18 member companies to its roster through June and has since welcomed 10 more new members in the third quarter, bringing the total number of active members to 198. Driving this continued growth are the significant cost savings Lenders One provides members in secondary marketing, settlement services and other business related areas such as marketing. These offerings help members to maximize their profits and expand their market share.
“We only become stronger with the addition of each member,” explained Scott Stern, CEO of Lenders One. “Nonetheless, Lenders One would not exist without our network of preferred investors and vendors who provide our members with outstanding products and services. Lenders One is truly a marketplace of mortgage industry experts from all sectors of mortgage banking.”
To that end, Lenders One enhanced and expanded its preferred investor platform in the first half of 2011. It welcomed Bank of Internet and Franklin American as new investor partners as well as renewed other key investor relationships. In addition, Lenders One welcomed several new preferred vendors including DocVelocity, Leads360, MortgageEducation.com and VirPack while continuing to strengthen existing preferred vendor relationships.Despite predictions of lower mortgage volume nationally, Lenders One members reported a 16-percent increase in total loan volume through the second quarter 2011. Lenders One members originated $39.4 billion in total loan volume through the second quarter 2011, up from $34 billion in volume generated during the first half of 2010. Stern added, “We are pleased with our ability to provide value to every participant in the cooperative including our members, preferred investors and preferred vendors, especially considering the very difficult market we are all in.”