|
|
| Originations eased at Lenders One Mortgage Cooperative. But still, the company ranked as the No. 8 residential lender last year.Residential fundings for active Lenders One members were $36.8 billion during 2008, Chief Executive Officer Scott Stern reported to MortgageDaily.com. Production decreased from $40.4 billion in 2007.
Based on 2008 earnings data analyzed by MortgageDaily.com, annual aggregate activity reported by Lenders One made it the eighth biggest U.S. residential lender last year. This year, Stern speculates that aggregate fundings will be around $35 billion given the loss of some members. But he did note current activity is running at a higher pace because of refinance volume. During just the fourth-quarter 2008, production from active members was $9.2 billion, off from the third quarter’s $9.6 billion but better than a revised $6.3 billion during the fourth-quarter 2007. Lenders One said it has a group of preferred investors to whom it sold a record volume of business. The concentration of business yields more favorable dividend pricing and priority service. The number of active members was 142 as of Dec. 31, 2008, up from 100 one year earlier, Stern said. Lenders One employed 20 people at its St. Louis headquarters at the end of last year, rising from 14 employees 12 months earlier. While headcount across all of its membership was not available, Stern told MortgageDaily.com in April 2008 that more than 10,000 people were employed across the entire network — including 3,000 originators. “We are an interconnected family of gifted entrepreneurs who have achieved something truly great by working together,” Stern said in a press release today. |
|
