Scott Stern, the founder and CEO of Lenders One, a top player in residential finance, confirmed to National Mortgage News that he will leave the organization in March.
Lenders One, which two years ago was bought by the publicly traded Altisource, boasts 203 mortgage banking members that have the capacity to fund upwards of $90 billion a year, making it a top five player in residential finance.
Stern told members of the mortgage cooperative on Thursday about his decision to leave the mortgage business and try something new. Rumors about his departure first began to circulate last week.
The St. Louis-based cooperative has already started the search for a new CEO.
Stern told NMN that he has been in the mortgage business for 18 years, initially enjoying success as a loan officer before starting Lenders One with his brother Tim, and Barry Sandweiss in 2000.
“I want to explore new entrepreneurial opportunities and see what life has to offer,” Stern said Friday.
Tim Stern will remain at Lenders One as the president and Sandweiss as chief operating officer.
