Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, has formed a partnership with subservicer Cenlar FSB in which Cenlar will provide cooperative members with the ability to maintain the servicing rights on their loans.
‘Loan servicing is quickly emerging as a trend – as well as necessary business component – for independent mortgage bankers, and we want our members to be on its forefront,’ says Scott Stern, Lenders One CEO. ‘Partnering with Cenlar benefits our members with timely, scalable term and interim mortgage servicing. These benefits are then translated to borrowers in the form of a more diverse, quality loan offering.’
Cenlar is working with Lenders One to provide its membership with customized subservicing for a variety of mortgage products, all private-labeled under each lender's name and logo. Offering cooperative members the opportunity to maintain the servicing rights to their loans helps them reap the benefits of that servicing revenue without fixed operational costs, while enabling them to avoid the expenses and time associated with building capacity internally, the companies say.
‘Based on the volatility and ongoing evolution of the industry, lenders need the flexibility to adapt to changing market conditions,’ adds Lori J. Pinto, senior vice president of business development for Cenlar. ‘This relationship provides Lenders One's members a means to effectively grow their business models and expand new offerings to their respective communities.
SOURCE: Lenders One Mortgage Cooperative