Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, announced that it achieved several milestones in 2008, including reaching record levels in membership growth, total loan originations and settlement service orders.
‘In 2008, the industry experienced some monumental shake-ups, including the total elimination of the nonprime and Alt-A origination channels, a permanent change to the government-sponsored enterprises, unprecedented repurchase issues, devastating company closings and major margin compressions,’ says Scott Stern, CEO of Lenders One. ‘But in contrast to those events, Lenders One [and its members] were able to capitalize on the opportunities that were available to remain competitive and successful. We are an interconnected family of gifted entrepreneurs who have achieved something truly great by working together.’
Lenders One added 42 new members to its roster in 2008. The cooperative's goal was to increase membership by 30 mortgage bankers last year, and that goal was met and exceeded to reach a new annual growth record. In total, Lenders One experienced more than 40% membership growth in 2008.
The cooperative also reported a record volume of total loan deliveries to its group of preferred investors. According to Lenders One, these relationships result in more favorable dividend pricing, priority service and additional benefits for members, providing them access to resources they would not have outside of the cooperative.
SOURCE: Lenders One