Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, announced that it has reached another milestone as total membership climbed to 150 lenders in October. After attracting 42 new members in 2008, the cooperative has continued its steady growth adding 41 new members to date this year, 15 of them having joined during third quarter 2009.
“Small- to mid-sized lenders no doubt face challenges in competing with larger entities,” said Scott Stern, CEO of Lenders One. “But we aim to provide them with the tools and resources to overcome any such limitations to effectively meet the needs of borrowers in their marketplace. In opposition to the struggling industry, Lenders One has remained a strong, consistent voice and place of refuge for independent mortgage bankers, and we fully expect our numbers to multiply again in 2010.”
Aurora, Ill.-based First Centennial Mortgage Corporation, an originator primarily of FHA and conventional loans, joined Lenders One in early June. President Steven McCormick explained, “As a mid-sized mortgage banker that has chosen to remain fairly regional, we felt that partnering with Lenders One provided great support, benefiting us in our ability to better negotiate with vendor partners while representing more volume than we could have obtained individually.”
Similarly, First Federal Savings & Loan’s vice president of residential lending, Rich Swerbinsky, said, “The benefits are comprehensive. From improved execution on loan sales, to savings on credit reports and automated underwriting, to tools to help us market our brand and train our people – being a Lenders One member provides increased efficiency in almost all aspects of the lending process.” First Federal, which joined Lenders One in October, is located in Ohio and operates 12 branches and two loan production offices.
Stern added, “Our membership continues to grow and diversify, and so does our ability to broaden the scope of how we support their goals.” Lenders One is comprised of 153 independent mortgage banks, located in all 50 states.
For more information, visit www.lendersone.com.