For the first time since its founding in 2000, Lenders One, a cooperative of mainly community and regional home lenders, on Tuesday admitted a correspondent loan buyer into its ranks.
Affiliated Mortgage Co., a unit of Benchmark Bank of Dallas, buys loans on a servicing-released basis.
Since 2009, Affiliated has been a preferred investor for Lenders One, buying billions of dollars of loans from the group's more than 180 members. Affiliated said it joined Lenders One to benefit from its collective purchasing power with vendors as it looks to expand its network of five retail branches as well for the networking and educational opportunities.
Last year Altisource Portfolio Solutions, which services defaulted mortgages, bought Lenders One, which is based in St. Louis.
