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Membership Grows at ‘Net Lender’

Membership Grows at ‘Net Lender’13 new members added this year

May 19, 2009

By staff

Lenders One Mortgage Cooperative — which acts as sort of a net branch for mortgage bankers — reported continued growth in its membership.During 2008, 42 members were added, according to an announcement today from the St. Louis-based alliance. Lenders One reported 142 active members as of Dec. 31, 2008, up from 100 a year earlier.

Seven members were added during the first quarter, today’s statement said, and another six joined last month.

Membership reportedly places mortgage bankers in a position “to negotiate better lending terms and provide premium business services at reduced costs.”

Among this year’s recently added members were:

  • Advisors Mortgage Group, Manasquan, N.J.;
  • Covenant Mortgage, Westford, Mass.;
  • Ideal Home Loans, Englewood, Colo.;
  • Oakstar Bank, Springfield, Mo.;
  • Pinnacle Mortgage Group, Lakewood, Colo.;
  • Platte Valley Bank, Platte City, Mo.; Pinnacle Mortgage Group, Lakewood, Colo.; and
  • Trident Mortgage Co., Devon, Pa.

In today’s announcement, new members cited pricing incentives that increased their competitiveness, continuing education resources and company-wide volume that boosted their clout with investors and vendors as benefits of joining the alliance. Also mentioned were marketing, customer-retention programs and member conferences.

In February, Lenders One Chief Executive Officer Scott Stern told that members originated 36.8 billion while they were part of the alliance during 2008, down from $40.4 billion in 2007.

Today’s statement indicated annual originations exceed $40 billion.

Including a headquarters staff of 20, the alliance employed more than 10,000 people — including 3,000 originators — as of April 2008.

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