Lenders One reflects on year of unprecedented change, record cooperative growthMortgagePress.comLenders One Mortgage Cooperative, loan originations, settlement service, Scott Stern
Lenders One Mortgage Cooperative, a national alliance of
mortgage bankers, has 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 shakeups,
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," said 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, already the country's leading alliance of mortgage
bankers, 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 a more
than 40 percent membership growth in 2008.
The cooperative also reported a record volume of total loan
deliveries to its group of preferred investors. 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. According to Stern,
"Our preferred investors are critical to the success of Lenders One
and the positive impact that individual members can have on their
Lenders One's National Programs Department also managed record
volumes for mortgage specific products, such as credit reports,
flood letters, appraisals, live pricing systems and software for
loan origination and fraud detection. This group expanded the
cooperative's preferred vendor relationships to include an online
marketing services company, an additional document preparation
provider and a rewards point service for borrowers, to name a few.
These new partnerships reduce expenses and increase productivity
while heightening members' competitive advantage in their
Stern concluded, "While 2009 will undoubtedly be a difficult
year, we know that we will succeed because of our relationships
with the best mortgage bankers in the U.S. and the combined
strength of these individuals."
For more information, visit www.lendersone.com.