The new locations aim to help members boost retail traffic and diversify business
Lenders One Cooperative, a national alliance of independent mortgage bankers, has opened its first three branches at select Walmart stores in Florida and New Jersey.
According to Lenders One, the stores will offer a suite of mortgage products (including purchase, refinance and home equity lines) to Walmart customers as part of a nationwide pilot program announced in March. Lenders One has been looking at strategic locations across the country to help its members “diversify their business model with retail foot traffic in geographical areas in which they may not normally have a presence.”
The first in-store Walmart branch is in Newton, NJ and powered by retail lender Family First Funding. The other two branches, which will open within the next 30 days, are located in Orlando and Boonton, NJ. Family First Funding will run the Orlando store, while the Boonton branch will be operated by MLB Residential Lending.
“Walmart has long been a trusted name for consumers, so seeing the branch in-store opportunity with Walmart 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,” said Lenders One president Justin Demola.
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“The physical in-store presence at Walmart helps Lenders One members connect with and educate the local community about opportunities to achieve the American Dream of homeownership. If the consumer does not qualify for a mortgage at first, our members can provide them with homebuyer education and resources to help them become mortgage ready in the future.”
In addition to Florida and New Jersey, Lenders One plans to open other Walmart store branches in California, Ohio, South Carolina, and Texas.
