Lenders One Mortgage Cooperative reported that loan production has increased this year. But the growth is primarily the result of an expanding network, as the average volume per member fell.
Second-quarter fundings by members of the cooperative were $19.828 billion, according to data provided to Mortgage Daily. Business was slightly better than around $19.6 billion closed in the first three months of this year.
Production came in at $18.0 billion in the second quarter of 2010.
From Jan. 1 through June 30, mortgage originations at the St. Louis-based company were $39.4 billion, according to a news release Wednesday.
Lenders One previously reported $33.9 billion in first-half 2010 production.
The 16 percent improvement from the same period in 2010 compares to an 8 percent industry-wide decline based on an analysis by Mortgage Daily.
Full-year 2010 originations at Lenders One amounted to $90.0 billion.
The 11-year-old company said that 18 new member firms joined the cooperative this year through June. Another 10 members have been added so far during the third quarter.
The total count now stands at 198 active members.
Based on the roughly 188 members that were active as of June 30, per-member first-half volume was around $210 million.
At this point last year, Lenders One had around 165 active members. That worked out to around $205 million in production per member.
