The members of Lenders One, the nation's largest alliance of independent mortgage bankers, say they will make $5 billion of home loans between now and Oct. 31. In addition, St. Louis-based Lenders One will mark the challenge with a $10,000 donation to Habitat for Humanity.
With its $5 billion challenge, Lenders One hopes to let people know that they should not be scared away from the dream of homeownership. In fact, many parts of the country are currently experiencing their strongest buyers' market in years.
The $5 billion loan drive is a way to help qualified buyers become homeowners, says CEO Scott Stern, adding that it's crucial to raise awareness that the state of the mortgage industry is not all bad news. Lenders One says it will track the progress of the loan challenge with a "Loan-a-meter" on its Web site, www.lendersone.com.