The collapse of some members of Lenders One Mortgage Cooperative has pushed quarterly fundings lower. Still, the organization continues to add new members at a record pace.
The St. Louis-based company originated more than $7.6 billion during the first quarter, a news release Thursday said. Originations fell from $8.7 billion previously reported for the fourth quarter 2007.
Lenders One Chief Executive Officer Scott Stern explained that the figures reflect a few large members going out of business, a spokeswoman told MortgageDaily.com in a statement.
The company restated fourth-quarter volume at $6 billion in yesterday’s announcement, which Stern noted is based on the most up-to-date information.
Lenders One previously reported $40.4 billion in originations for all of last year. Based on $7.6 billion in first-quarter activity, the cooperative will likely see fundings fall around 25 percent from 2007 to 2008.
But the firm hopes to change that through growth in new member companies.
So far this year, Lenders One reports 25 new members have joined — representing “record growth,” according to the spokeswoman. She noted there are currently 124 mortgage banking members.
Lenders One, which indicated it has a presence in all 50 states, said it expects the number of member companies to end 2008 at between 130 and 140.
While the company claims to rank “as the ninth largest mortgage originator in the U.S.,” MortgageDaily.com data indicates at least 15 other mortgage companies reported more than $7.6 billion in first-quarter production.
