Lenders One Mortgage Cooperative
, an national alliance of more than 130 mortgage bankers, originated $17.3bn of loans in the first quarter of 2009, up more than double from the $7.6bn volume it saw in the year-ago quarter.
“Our Members are determined to originate a high volume of high quality loans to meet the needs of consumers during any economic climate,” said Lenders One CEO Scott Stern. "Achieving production of over $17 billion in the first quarter of 2009 is a clear testament that our members are taking advantage of the power of the Lenders One organization.”
Q109's $17.3bn starts Lenders One on its yearly goal to generate $70bn of originations in all of 2009. The alliance connects members with preferred investor relationships and other market channels to save on origination costs and expand origination shares of the market. If considered a single originating entity, the cooperative would rank fifth in the US for its Q109 origination volume, according to a company statement.
The news of Lenders One's solid quarter comes as the Mortgage Bankers Association
(MBA) lowered its expectations
of the mortgage origination industry Monday, narrowing its anticipated ‘09 origination volume by $700bn to $2.03trn.
Write to Diana Golobay