Combined originations at members of Lenders One Mortgage Cooperative climbed to the highest ever.
The St. Louis-based firm reported Tuesday that second-quarter production by its 135 members was a “record” $21.2 billion.
Lenders One members originated $17.3 billion during the first quarter and $10.4 billion during the second-quarter 2008.
In the statement, Lenders One Chief Executive Officer Scott Stern credited low rates and “heavy refinance volumes” for the record activity.
Loans insured by the Federal Housing Administration accounted for 43 percent of second-quarter business, and jumbo loans represented 5 percent.
Through the end of June, 21 new members had joined the cooperative so far this year.
Lenders One claims that aggregate originations from all of its members ranks it as the fifth largest retail originator in the country.
