Average annual originations for Lenders One Mortgage Cooperative members edged up 2 percent last year versus a 22 percent decline for the mortgage banking sector as a whole.
Last year’s collective loan volume from the 180 members of the St Louis-based association was $90 billion, a news release said. It was an all-time record for the company.
Lenders One previously reported $77.1 billion in aggregate production for 2009, when membership finished the year at 156 companies.
The average production per Lenders One member was $500 million in 2010. That was a slight improvement versus $494 million the previous year.
It was also better performance than the industry as a whole, which saw U.S. production fall to approximately $1.53 trillion during 2010 from around $1.97 trillion in 2009.
During just the fourth quarter, home-loan fundings at the cooperative amounted to $31.9 billion, higher than the third quarter’s $24.2 billion. Volume was also better than the $20.5 billion generated in the fourth-quarter 2009.
The group boasted monthly record originations of $10 billion in November.
Lenders One Chief Executive Officer Scott Stern called the mortgage industry “incredibly resilient” in the announcement. But he acknowledged that “2011 will look very different than 2010.”
