|Co-op of mortgage lenders thrives|
LendersOne Co-op of mortgage lenders reports record growth during industrywide contraction
Lenders One experiences increase in membership, loan volume
St. Louis, July 24, 2008 – In contrast to the state of today’s mortgage industry, Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, reported record growth in total loan production and new membership during the first quarter 2008.
Lenders One started the year strong by originating more than $7.6 billion in the first quarter of 2008. This is a 22 percent increase in total loan volume from approximately $6 billion originated the previous quarter. With members in all 50 states, Lenders One reported record volume in every region of the country.
“This growth is due to the fact that Lenders One represents only the best mortgage bankers in markets across America,” said Scott Stern, CEO of Lenders One. “During a time of unprecedented mortgage challenges, consumers sought out and eventually closed loans with honest, trustworthy and local mortgage bankers: members of Lenders One.”
In addition to increased loan volume, Lenders One has also experienced tremendous growth in membership. The cooperative has added 25 member companies to its roster already this year and now has 125 mortgage banking members. Lenders One plans to continue to grow its membership and expects to represent between 130 and 140 members by year’s end. At this pace, Lenders One will set a record for annual membership growth in 2008.
“Lenders One continues to attract mortgage bankers with its proven revenue-enhancing and cost-saving opportunities in mortgage fulfillment and business related products and services,” Stern said. “Through advocacy support, preferred investor relationships and an array of educational opportunities, our collective membership is protecting the role of mortgage bankers despite the strain on the industry.”
About Lenders One Mortgage Cooperative
Lenders One is a national alliance of mortgage bankers which was established in 2000 and is based in St. Louis. With more than 100 members originating $40 billion in mortgage loans annually, the Lenders One alliance ranks as the ninth largest mortgage originator in the U.S. Lenders One leverages its aggregate buying power and preferred-investor relationships to negotiate better lending terms, provide premium business services at reduced costs and offer ongoing seminar training through Lenders One University.
For more information about membership, contact Tim Stern 866.728.5678 or visit www.lendersone.com
Charlyne H. McWilliams/Megan Ard
Media Contacts for Lenders One
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