Lenders One Adds PHH Mortgage to Preferred Investor List
The Lenders One Mortgage Cooperative announced it added PHH Mortgage to its list of preferred investors. PHH Mortgage is a subsidiary of New Jersey-based PHH Corp. (PHH) and began its correspondent lending operation more than 20 years ago. Members of St. Louis-based Lenders One include community banks, correspondent lenders and suppliers of mortgage products and services. The companies are granted discounts and other preferential treatment with the cooperative's collection of preferred vendors and investors. Lenders One has more than 150 members that originated $77bn in mortgages in 2009. “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 Lenders One CEO Scott Stern. “The ability to foster solid relationships, such as this one with PHH Mortgage, is a critical component to our members’ success.” The PHH agreement gives Lenders One members direct access to PHH Mortgage underwriters; constant access to products, rates and pricing scenarios via the Internet, the ability to upload documents electronically, and ongoing training for governmental compliance and other regulatory requirements. In addition, PHH Mortgage said it will begin to incrementally increase the volume of mortgages it purchases from member lenders. “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, PHH vice president of 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.” Earlier this year, AltiSource Portfolio Solutions (ASPS) acquired Lenders One. Altisource is a real estate and mortgage portfolio management; asset recovery and customer relationship management firm based in Luxembourg with US headquarters in Georgia. Write to Austin Kilgore. The author held no relevant investments.