Walmart Announces It Will Lease Retail Space In It’s Stores To Lenders One Cooperative To Sell Mortgages
Lenders One inked a deal for space at three Walmart locations. However, Lenders One said the company will be operating out of more Walmart locations in the future.
Lenders One will be selling purchase, refinance and home equity products at its Walmart locations.
Walmart isn’t the first warehouse-style retailer to offer mortgage products on location. Similar to Walmart, Costco has a partnership with Ohio-based retail lender CrossCountry Mortgage.
Lenders One Cooperative has a network of more than 240 independent mortgage bankers, banks, credit unions and correspondent lenders. This partnership of suppliers offers a plethora of mortgage products and services. The platform is managed by a subsidiary of Altisource Portfolio Solutions. Altisource is a service provider and marketplace for the real estate and mortgage industries.
The cooperative members cover the entire lending spectrum, originating between $50 million and $25 billion per year.
The company states that the Walmart deal is part of a plan to improve its members’ profitability by streamlining the loan process.
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. Members can order and receive cooperative solutions without human intervention.
In 2012, one-third of people surveyed said they would consider a mortgage from other major retailers, Half of the people surveyed said they would also consider one from PayPal. However, the company does not offer mortgages.
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