|If members of Lenders One Mortgage Cooperative were one company, they would have ranked as the No. 5 residential lender in the country.
Aggregate originations at the St. Louis-based organization climbed to $17.3 billion during the first quarter, Lenders One Chief Executive Officer Scott Stern reported in a statement to MortgageDaily.com.
Loan production soared from $9.2 billion in the fourth quarter. A year earlier, Lenders One closed just $7.6 billion.
"We had a great first quarter," Stern commented.
Based on quarterly earnings data analyzed by MortgageDaily.com, collective production by Lenders One members was higher than No. 5 SunTrust Banks Inc., which reported $13.4 billion in production.
Lenders One reported 142 active members as of Dec. 31, 2008. Stern noted that a record 12 new members were added during the first quarter.