Skip to main content

Cogent Road adds compliance features to Business Spaces for mortgage industry

National Mortgage Professional
Jan 11, 2009

Lenders One data shows shifts in loan products MortgagePress.comLenders One, FHA, VA, Scott Stern, statistics Compared with total volumes through the third quarter of 2007, Lenders One Mortgage Cooperative reports that origination levels of FHA/VA loans have more than tripled through the same period for 2008. Lenders One, a national alliance of mortgage bankers, tracks and compiles origination activity of its more than 125 member companies by product, geography and member, and these results reflect the most recent available data. "We are experiencing a changing marketplace, and our members have appropriately adjusted their business models and lending strategies to meet borrower demand," said Scott Stern, CEO of Lenders One. "Lenders One continues to provide member bankers with the resources, knowledge, support and access to quality loan products to be successful and competitive." Before the explosion of interest in FHA/VA products in 2008, 2007 data shows that Lenders One originated a strong volume of FHA loans, increasing on average $3.3 million each quarter. Then in 2008, FHA/VA originations nearly doubled during the first quarter of 2008 compared to the fourth quarter of 2007, and volume has continued to grow. During the same period, Alt-A (low doc, no doc and stated income) and nonprime (based on credit) lending dramatically decline. Now after three quarters, Lenders Ones 2008 Alt-A total volume is less than three percent of the volume recorded up to this point in the year prior. "FHA has been our most important product of 2008," said Stern. "FHA has helped borrowers all across the U.S. refinance out of dangerous non-prime and Alt-A loans into safer, more secure FHA products." In early 2007, FHA represented only one percent of the cooperative's total originations--it now comprises nearly 50 percent of Lenders One's total activity. Stern continued, "We are likely to see changes continue in the types of loans to which lenders and investors feel comfortable applying risk, and that at the same time meet the needs of the general public. Lenders One is fortunate to grant its members access to several kinds of loan programs and to have a membership so committed to providing their customers with uncompromised service." For more information, visit www.lendersone.com.
Published
Jan 11, 2009
Evergrande Steadily Repays Debt While Taking On New Risk

Evergrande Chairman Hui Ka Yan has ambitious plans, signaling last Friday that the firm wants to move away from housing and focus on making electric cars. 

Industry News
Oct 26, 2021
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021