Lenders One, a cooperative for companies in the financial services sector, announced its members now have access to insurance products, including homeowners and automobile insurance solutions.
The new products, dubbed L1 Insurance, will provide borrowers of participating independent mortgage bankers, banks and credit unions with multiple competitive quotes, potentially lowering the total cost of homeownership, a press release Wednesday said.
CasteLine Risk, a homeowners insurance shop, and Insurance Services, an auto insurance company, are the two participating organizations on Lenders One's marketplace.
The co-op also offers other products and services including tri-merge credit reports, an eClosing platform and flood zone determination provider powered by CoreLogic at a discounted prices.
Justin Demola, president at Lenders One, said the launch of insurance options on its platform is "part of an overall strategy…of helping members maximize revenue, reduce costs and improve decision making."
"This is one of many solutions on our roadmap designed to create value for our members' borrowers, giving them a competitive edge in their local marketplace," he added.
According to Lenders One's website, it has over 250 member companies, which in total have originated close to $372 billion of mortgages during 2023.
In an announcement in January, the co-op advertised it welcomed 29 new members during the 2023 calendar year.
"The addition of these members amid the challenging mortgage origination environment is a testament to the power of the cooperative's mission of helping members maximize revenue, reduce the cost to manufacture loans and improve decisions through the sharing of best practices," the organization said.
Mortgage companies themselves have also been adding insurance companies into their lending ecosystems. Guild Mortgage, for example, announced the acquisition of
Though Guild has revealed little about its
