Strength In Numbers

Lenders One Mortgage Cooperative has grown to 110 members as of April 2008, Scott Stern, chief executive officer, told MortgageDaily.com. The company added 25 new members last year and has added 10 more since December.

“Lenders One is the largest alliance of mortgage bankers in the United States,” he said. “Our products and services affords our members the ability to compete with the mortgage giants without changing the way they run their business.”

Across the entire network, more than 10,000 people are employed — including 3,000 loan officers, Stern continued. The company, which was founded in 2000, operates with a corporate staff of just 20 employees.

The company recently touted live market information, preferred-investor relationships and 60 mortgage-related and business-related courses available to its members. Members also have online access to free advertising materials and ad planners.

“Members gain access to a variety of valuable resources that help cut costs, decrease advertising expenses, educate staff and expand market share which ultimately attributes to increased productivity to close more loans,” Stern explained.

Lenders One said it formed the National Alliance of Independent Mortgage Bankers in 2005. The advocacy group ensures that mortgage bankers have a level playing field regarding issues such as the Real Estate Settlement Procedure Act and predatory lending.

Last year, aggregate mortgage volume at the St. Louis-based company was $40.4 billion, Stern reported. Originations rose from $38.5 billion in 2006.

During just the fourth quarter 2007, Lenders One production was $8.7 billion, off from $9.7 billion the prior quarter but slightly above the $8.6 billion reported for the fourth quarter 2006.

Last year, 54 percent of originations were conventional, 25 percent were Alt-A and 12 percent were jumbo. The remainder of the company’s business was government, nonprime and seconds.

Stern estimates that three-quarters of last year’s fundings were retail and the rest wholesale.

“Lenders One is off to an incredible start in 2008 as our members are reporting higher-than-expected loan volume and steady profitability,” Stern added.