Lenders One Mortgage Cooperative, a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services, has announced the addition of PHH Mortgage Corporation, a subsidiary of PHH Corporation, as a preferred investor. With more than 20 years of correspondent lending experience, PHH Mortgage offers cooperative members a proven commitment to responsible lending and trusted financial stability.
"Members value our cooperative business model in that it enables them to leverage the organization's collective economies of scale and have access to the resources that help them remain competitive in any market cycle," said Scott Stern, Lenders One chief executive officer. "The ability to foster solid relationships, such as this one with PHH Mortgage, is a critical component to our members' success."
This relationship provides several key advantages to Lenders One members, including direct access to PHH Mortgage underwriters; 24/7 online access to products, rates and pricing scenarios, ability to upload documents electronically, and ongoing training for governmental compliance and other regulatory requirements. PHH Mortgage will also benefit from the preferred investor relationship with Lenders One, specifically through the exposure to more than 165 of its members and from the new, incremental loan volume PHH Mortgage will purchase from those members.
"We are very excited about our new affiliation with the Lenders One team. PHH Mortgage has held true to our standards of responsible lending and we believe the Lenders One member base reflects the same commitment to responsibly servicing clients," said Craig Dodds, vice president, wholesale correspondent lending. "PHH Mortgage will support Lenders One's members with a correspondent lending platform for conventional, government-insured loan products and rural development loans."
For more information, visit www.lendersone.com or www.phhmortgagesolutions.com.