Mortgages in Walmart – what’s behind the relationship?
Lenders One Cooperative has announced the opening of its first three mortgage lender in-store branch locations at select Walmart stores in Florida and New Jersey.
The cooperative is a national alliance of independent mortgage bankers, banks and credit unions and managed by a subsidiary of Altisource Portfolio Solutions SA. The initial launch is part of Lender One’s nationwide initiative to offer prospective homebuyers access to mortgage origination solutions where they shop within their community, company officials explained.
Mortgage Professional America spoke to Justin Demola (pictured), CMB and president of Lenders One, to secure more details about the arrangement. “There really is no other big-box mortgage opportunity other than Walmart today,” Demola said during a telephone interview. “Costco closed their program down, Amazon never launched anything. Walmart is the only opportunity of its kind in the industry currently.”