Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, announced that one of its own members will become the cooperative’s newest preferred investor. Wintrust Mortgage Corporation, part of the Illinois-based holding company Wintrust Financial Corporation, is a national lender involved in retail, wholesale and correspondent lending that is now positioned to buy loans from other Lenders One members.
“The surge in refinancings has left many lenders searching for more options to help them maintain large loan volumes,” Scott Stern, Lenders One CEO, explained. “Our investor partners, such as Wintrust, are providing cooperative members with the quick funding and aggressive pricing they need to serve their communities and competitively continue business operations.”
Wintrust Mortgage is a federally-chartered bank and full service correspondent lender that offers FHA, VA and conventional loan products. Through this new relationship, Lenders One members will earn pricing incentives across agency, government and jumbo fixed rate products, and be offered best effort delivery in execution strategies. Wintrust ensures a 72-hour turnaround on funding, accompanied by a 48-hour review, which is critical now with high volumes and warehouse line capacity issues.
Valerie Moavero, Wintrust Mortgage’s vice president and corresponding lending manager, explained, “The transition to becoming a preferred investor of Lenders One brings opportunity for us to coordinate our efforts with the cooperative’s sales team to work with the best mortgage bankers there are. So not only does Wintrust benefit as a member of Lenders One, we also benefit as a preferred investor.”
Wintrust Mortgage’s latest technology enables Lenders One members to view loan and pipeline status in real time. Automatic e-mail triggers are sent that signal any and all updates as the loan file makes its way through the funding process. The company also provides real-time online product pricing.
For more information, visit www.lendersone.com or www.wintrustmortgage.com.