Lenders One Members Exceed Loan Origination Goal

Posted by Orb Staff on August 12, 2008 No Comments
Categories : Residential Mortgage

Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, challenged its member companies to originate $3 billion in loans during a 30-day period. At its conclusion, the membership collectively closed more than $3.4 billion from a variety of mortgage products to exceed Lenders One's initial origination goal.

More than 50% of the loans originated and closed during the 30-day challenge were conventional loans, Lenders One states. However, FHA loans contributed to 42.5% of the total loan volume, fulfilling nearly half of the remaining production volume. The remaining 5.3% of loans were jumbo, Alt-A or second mortgage products.

‘We were confident that our members could originate (and close) enough loans in a month's time to reach our goal of $3 billion,’ says Scott Stern, CEO of Lenders One. ‘The purpose of this challenge was to restore faith back into the lending process and reveal the positive aspects that continue to exist in the mortgage industry. Safe, lower-cost products are available, as well as solid underwriting practices. The real goal is to create awareness that these services do exist and are completely viable.’

Source: Lenders One

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