Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, has announced its newest partnership with subservicing giant Cenlar FSB, which will provide cooperative members with the ability to maintain the servicing rights on their loans. Cenlar has serviced residential loan portfolios for more than 40 years in all 50 states, allowing the company to reach all Lenders One members. “Loan servicing is quickly emerging as a trend--as well as necessary business component--for independent mortgage bankers, and we want our members to be on its forefront,” said Scott Stern, Lenders One CEO. “Partnering with Cenlar benefits our members with timely, scalable term and interim mortgage servicing. These benefits are then translated to borrowers in the form of a more diverse, quality loan offering.”
Cenlar is working with Lenders One to provide its membership with customized subservicing for a wide variety of mortgage products, all private-labeled under each lender’s name and logo. Offering cooperative members the opportunity to maintain the servicing rights to their loans helps them reap the benefits of that servicing revenue without fixed operational costs. It also enables them to avoid the added expenses and time to build this capacity internally.
Lori J. Pinto, CMB, SVP business development for Cenlar FSB, explained, “Based on the volatility and ongoing evolution of the industry, lenders need the flexibility to adapt to changing market conditions. This relationship provides Lenders One’s members a means to effectively grow their business models and expand new offerings to their respective communities.
“Lenders One is committed to the industry’s mortgage bankers and focused on providing the business partnerships that will bring the most value to its members. For this reason, we are looking forward to not only expanding our relationship with them, but also assisting these lenders explore new markets.”
For more information, visit LendersOne.com or Cenlar.com.