Lenders One Mortgage Cooperative has announced that Affiliated Mortgage Company (AMC), a preferred investor of Lenders One since 2009, has become a member of the cooperative. This is unique because it marks the first time in the cooperative’s history that a preferred investor has subsequently become a member. Lenders One is a national alliance of community mortgage bankers, correspondent lenders and suppliers of mortgage products and services. AMC is a wholly owned subsidiary of Benchmark Bank of Dallas and Plano, Texas.
“It is particularly exciting that a preferred investor wanted to additionally become a member,” said Scott Stern, chief executive officer of Lenders One. “We see Affiliated’s decision as validation of the services and opportunities that we offer our members. As a member, AMC can now enhance its profit margin and take part in the other competitive advantages that its fellow members also enjoy.”
AMC focuses on correspondent lending and purchasing agency-quality whole loans servicing released from a group of lenders nationwide. In addition, AMC currently operates five retail branches in Texas and is currently seeking to expand its retail platform to other states. The company has purchased billions of dollars in loans from Lenders One members since becoming a preferred investor. After seeing the service and economy of scale that members have through Lenders One, management at Affiliated determined it was to the company’s advantage to become a member.
“In addition to the financial incentives available to AMC as a Lender’s One member, the other intangible benefits, such as networking and educational seminars are invaluable to us,” said Dan Hastings, CMB, president of AMC. “We are extremely pleased to be associated with other residential mortgage lenders who are highly regarded and respected in the industry and who share the same business philosophy for producing quality loans.”