First Internet Bank Participates in 30-Day, $3 Billion-Origination GoalReleased on May 29, 2008
Despite unsettling news in the mortgage industry and the economy, First Internet Bank of Indiana (First IB) is committed to the expanding the dream of home ownership in Central Indiana through its local participation in an exciting national mortgage initiative. First IB is a member of Lenders One Mortgage Cooperative, a national alliance of leading mortgage bankers and each member of the alliance is contributing to Lenders One’s 30-day, $3 billion dollar loan origination challenge.
Recent reports in the media indicate that unemployment and the mortgage meltdown are key factors stifling consumer confidence. However, David B. Becker, President of First IB, said he remains optimistic about home ownership opportunities and about the mortgage industry in Central Indiana. Although mortgage market volumes are declining in some markets, First IB, based in Indianapolis, and Lenders One nationally, are aggressively making home loans and expanding the dream of home ownership.
“We are pleased to participate in the originations challenge because of what it is designed to do, focus on what we are able to do in communities we serve,” said Mr. Becker. “This will help mortgage professionals restore trust.”
Lenders One plans to accomplish its goal with the origination of a wide variety of loans including, conventional, FHA, VA, jumbo and specialty loans that are purchase, refinance and new construction loans. The cooperative membership will meet the challenges by originating loans throughout the country and First IB is helping them meet the challenges in Central Indiana.
“This challenge was born out of a need to put faith back into the lending process and to show the industry as well as consumers that it’s not all gloom and doom in the mortgage arena,” said Scott Stern, CEO, Lenders One. “We are very pleased to work with First IB in Central Indiana. As a member of Lenders One, First IB has already distinguished itself as a leading mortgage banker in the United States. By virtue of their participation in the $3.0 Billion Mortgage Challenge, they are meeting the needs of homeowners throughout Central Indiana precisely when homeowners need it most.”
Lenders One has more than 110 mortgage banker members across the country. The power of the partnership improves the efficiency, productivity and profitability of each member. The cooperative’s goal is to increase its total membership to 130 lenders this year.
About First IB
With $555 million in assets, First Internet Bank of Indiana (First IB) is the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs, and IRAs. First IB also offers mortgages, credit cards, personal lines of credit, and installment loans. First IB is a wholly owned subsidiary of First Internet Bancorp (OTCBB: FIBP).
About Lenders One
Lenders One is a national alliance of mortgage bankers which was established in 2000 and is based in St. Louis, Mo. With more than 100 members originating mortgage loans across the country, the Lenders One alliance ranks as the ninth largest mortgage originator in the United States. Lenders One leverages its aggregate buying power and preferred-investor relationships to negotiate better lending terms, provide premium business services at reduced costs. Lenders One implemented for its members, LOANMax, a system that has three predominant features to help loan officers 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.