Mortgage

REO, mortgage industry veterans form mortgage cooperative to harness collective buying power

The Mortgage Collaborative aims to 'level the playing field' with big lenders

Prominent veterans of the real estate and mortgage industries have teamed up to form a mortgage cooperative they say will help member companies "level the playing field" with larger lenders and keep up with regulatory requirements. The Mortgage Collaborative, based in San Diego, was founded by John Robbins and David Kittle, former chairmen of the Mortgage Bankers Association (MBA); Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals (NAHREP); and Jim Park, former chair of the Asian Real Estate Association of America (AREAA). Acosta and Park co-founded a San Diego-based REO asset management company, New Vista Asset Management. The independent, member-owned cooperative will be comprised of mortgage lenders initially, but may incorporate mortgage brokers at some point, a spokesman told Inman News. The Mortgage Collaborative is designed to help members compete more effectively by using their collective buying power to lower costs for third-party se...