Since its founding in 2000, the Lenders One Mortgage Cooperative is a group that's been exclusively a group of community and regional residential lenders. But for the first time, it's allowed a mortgage investor to join its consortium.
Affiliated Mortgage Company is a correspondent mortgage investor that purchases servicing released, agency-quality whole loans. The wholly owned subsidiary of Dallas-based Benchmark Bank has been a preferred investor for Lenders One members since 2009.
St. Louis-based Lenders One said AMC has purchased billions of dollars worth of mortgages from its more than 180 members. AMC said it joined the consortium to benefit from the group's collective purchasing power with other vendors and market participants as it looks to expand its network of five retail branches, as well as benefit from Lenders One networking and educational opportunities.
In 2010, Lenders One was purchased by Altisource Portfolio Solutions, a firm that specializes in mortgage and default servicing.
