New York-Based Lender Finds Co-Op Loans Help It Compete

Total Mortgage Services is re-entering the co-op mortgage lending market to cater to new homebuyers in New York and a few other metropolitan areas where residents prefer the urban lifestyle. Executives see co-op lending as a way to gain competitive edge. Lisa Schreiber, TMS's EVP, wholesale lending, told ON these borrowers represent new opportunity in the underserved niche market. This type of financing represents opportunity to expand into a market that appears to be relatively underserved without creating additional risk, she said.