Lenders One will be selling purchase, refinance, and home equity products at its ‘store-in-store’ branch locations. Similar to Walmart, Costco has a partnership with Ohio-based retail lender CrossCountry Mortgage, which in 2020 acquired First Choice Loan Services, Costco’s mortgage programme provider.
Founded in 2000, Lenders One Cooperative has a network of more than 240 independent mortgage bankers, banks, credit unions, correspondent lenders, and suppliers of mortgage products and services. The platform is managed by a subsidiary of Altisource Portfolio Solutions, a service provider and marketplace for the real estate and mortgage industries.
The cooperative members cover the entire lending spectrum, originating between USD 50 million and USD 25 billion per year. Collectively, their origination volume reached around USD 780 billion in 2020, the cooperative claims.
The cooperative also launched a full credit reporting agency (CRA), which will offer its members a full tri-merge credit report, fraud reports, undisclosed debt notifications, verification of employment and assets, and other services. Another initiative is a cloud-based technology called Lenders One Loan Automation (LOLA), launched to automate the loan manufacturing process.
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