Four industry leaders have come together to form The Mortgage Collaborative, a cooperative designed to empower mortgage companies to effectively compete in today's changing market.
The group includes several former Mortgage Bankers Association Chairmen, namely John Robbins, David Kittle, Gary Acosta and Jim Park.
The purpose of the cooperative is to assist mortgage lenders with tools for improving their businesses, with a focus on lowering costs for third-party services and obtaining better financial execution on loan originations by pooling resources and bargaining power.
"The Mortgage Collaborative brings many benefits to lenders and their borrowers," says Robbins. "It enables all mortgage originators to obtain buying power similar to the largest lenders, helping level the playing field and reducing costs for consumers."
The Mortgage Collaborative will announce its founding member roster in the next few months.
The group opens to new members in January 2014.