You Can Get A Mortgage At Walmart


Leaders at Lenders One Cooperative are planning to open branch locations at select Walmart stores in seven states.

The company, established in 2000, is a national alliance of independent mortgage bankers, banks, and credit unions managed by a subsidiary of Altisource Portfolio Solutions.

President Justin Demola said in a recent interview with The Mortgage Note that opening branches inside Walmart stores makes sense for their members and customers who will have access to lending services in the same place they shop.

“Walmart is an interesting opportunity for us and our members,” Demola said. “The timing has lined up nicely. This project started almost two years ago when the mortgage market was buzzing. Interest rates were super low and the volume was setting records. Fast forward to the first quarter of this year when rates started increasing and buying started slowing down, it positioned us very nicely for our members to have another outlet to originate loans.”

The first Walmart store branch Lenders One location opened on Oct. 7 in Newton, NJ, and is powered by Family First Funding, LLC.

“The first location that opened on October seventh has more than a few customers in the pipeline,” Demola said. “We’re pleasantly surprised with the feedback and interaction.”

In addition to New Jersey, Lenders One members are opening locations at Walmarts in Florida, California, Ohio, South Carolina, and Texas, according to a press release.

As mortgage rates hover around 7% and are expected to go up, some traditional would-be buyers are pulling out of the market, but with 30 years of experience in the mortgage industry, Demola said lenders just need to stick together because there are always potential buyers.

“The American people are still going to buy homes,” Demola said. “People get married. People move. People have children.”

Participants on the Lenders One platform originated greater than $700 billion of mortgages during 2021, collectively ranking as the largest retail mortgage entity in the United States, according to the press release.

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