Lenders One Mortgage Cooperative, a national alliance of mortgage bankers, announced that one of its own members will become the cooperative’s newest preferred investor. Wintrust Mortgage Corporation, part of the Illinois-based holding company Wintrust Financial Corporation (NASDAQ: WTFC), is a national lender involved in retail, wholesale and correspondent lending that is now positioned to buy loans from other Lenders One members.
“The surge in refinancings has left many lenders searching for more options to help them maintain large loan volumes,” Scott Stern, Lenders One CEO, explained. “Our investor partners, such as Wintrust, are providing cooperative members with the quick funding and aggressive pricing they need to serve their communities and competitively continue business operations.”
Wintrust Mortgage is a federally chartered bank and full service correspondent lender that offers FHA, VA and conventional loan products. Through this new relationship, Lenders One members will earn pricing incentives across agency, government and jumbo fixed rate products, and be offered best effort delivery in execution strategies. Wintrust ensures a 72-hour turnaround on funding, accompanied by a 48-hour review, which is critical now with high volumes and warehouse line capacity issues.
Valerie Moavero, Wintrust Mortgage’s vice president and corresponding lending manager, explained, “The transition to becoming a preferred investor of Lenders One brings opportunity for us to coordinate our efforts with the cooperative’s sales team to work with the best mortgage bankers there are. So not only does Wintrust benefit as a member of Lenders One, we also benefit as a preferred investor.”
Wintrust Mortgage’s latest technology enables Lenders One members to view loan and pipeline status in real time. Automatic e-mail triggers are sent that signal any and all updates as the loan file makes its way through the funding process. The company also provides real-time online product pricing.
About Lenders One Mortgage Cooperative
Lenders One is a national alliance of mortgage bankers which was established in 2000 and is based in St. Louis. With more than 125 members originating $40 billion in mortgage loans annually, the Lenders One alliance ranks as the ninth largest mortgage originator in the U.S. Lenders One leverages its aggregate buying power and preferred-investor relationships to negotiate better lending terms and provide premium business services at reduced costs. Its mortgage productivity system additionally allows members to close more loans, satisfy continuing education requirements and market themselves more powerfully. For more information about membership, contact Tim Stern 866.728.5678 or visit www.lendersone.com.
About Wintrust Mortgage Corporation
Wintrust Mortgage, a subsidiary of Barrington Bank & Trust Co., N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market. Loans are made via principal origination offices and also originated in other states through wholesale and correspondent offices. Wintrust Mortgage’s operations are conducted out of its offices maintained in Oakbrook Terrace, Ill. Wintrust Mortgage has been in the mortgage lending business since 1978.
Charlyne H. McWilliams/Megan Ard