Cooperative leasing spaces in Walmart to sell mortgage products to consumers

Lenders One Cooperative announced on Monday that it has struck a deal to lease retail space in Walmart stores to sell mortgage products and services.

The cooperative inked a deal for space at three Walmart locations, but said there are “many more opportunities to come.”

Lenders One will be selling purchase, refinance and home equity products at its “store-in-store” branch locations.

Justin Demola, president at Lenders One, wasn’t immediately available for comment. In a statement, Demola said that the initiative is part of the cooperative’s mission to help members “improve their profitability and better compete against larger, well-funded mortgage lenders.”

Walmart isn’t the first warehouse-style retailer to offer mortgage products on location. Similar to Walmart, Costco has a partnership with Ohio-based retail lender CrossCountry Mortgage, which in 2020 acquired First Choice Loan Services, Costco’s mortgage program provider.

Founded in 2000, Lenders One Cooperative has a network of more than 240 independent mortgage bankers, banks, credit unions, correspondent lenders, and suppliers of mortgage products and services. The platform is managed by a subsidiary of Altisource Portfolio Solutions, a service provider and marketplace for the real estate and mortgage industries.