The recent addition of a growing new player has helped push residential loan originations at a mortgage cooperative past a significant milestone.
Movement Mortgage LLC previously reported $7.8 billion in 2015 mortgage production as part of the Mortgage Daily Mortgage Origination Survey.
Annual business at the eight-year-old firm more than doubled compared to just two years earlier, when lending activity came to just $3.3 billion.
The Indian Land, South Carolina became the 59th member of the Mortgage Collaborative during the past month, a news release Monday said.
With the addition of Movement Mortgage, the Mortgage Collaborative said it has surpassed $100 Billion in originations.
The San Diego-based organization, which claims to be “the industry’s only independent mortgage lending cooperative,”
said that International Capital Group, Mortgage Services III and Sistar Mortgage have also become members since May.
“The Mortgage Collaborative offers its members measurable marketplace advantages,” Mortgage Collaborative Vice Chairman David G. Kittle said in the statement.
