Lenders One opens in-store mortgage branches at NJ Walmart
Retail mortgage co-op Lenders One has opened an in-store branch at a New Jersey Walmart, the first of several locations set to debut in a collaboration with the big-box retailer.
In an Oct. 7 press release, Lenders One, a national alliance of more than 250 independent mortgage bankers, banks and credit unions, announced the opening of a location powered by Family First Funding in Newton’s Walmart.
Within the next 30 days, Family First Funding, a Toms River-based lender, will open a branch at a Walmart in Orlando, Fla., and MLB Residential Lending of Springfield will launch at the retailer’s Boonton store.
The openings are part of a nationwide pilot program announced in March that aims to provide mortgage solutions, such as purchase, refinance and home equity lines, to Walmart shoppers.
The initiative will also focus on consumer education, underserved markets and affordable homeownership, the company said.
In a statement, Justin Demola, President of Lenders One, said, “Walmart has long been a trusted name for consumers, so seeing the in-branch opportunity come to fruition with Family First Funding and MLB Residential Lending is an exciting opportunity to connect lenders and borrowers at our first three locations in Florida and New Jersey.
“The physical in-store presence at Walmart helps Lenders One members connect and educate the local community about opportunities to achieve the American dream of homeownership. If the consumer does not initially qualify for a mortgage, our members can provide education and homebuyer resources to help them prepare for mortgage in the future,” he said. he commented.
Additional branches are planned at Walmart stores in California, Ohio, South Carolina and Texas, according to Lenders One, which was founded in 2000.
Participants in the Lenders One platform generated more than $700 billion in mortgage volume last year, making it the largest retail mortgage lending entity in the United States.