Lender of the Year Volume Winner – 21st Mortgage Corporation

The Lender of the Year – Volume was awarded to 21st Mortgage Corporation.

Based in Knoxville, Tennessee, 21st Mortgage Corporation serves the manufactured housing industry through relationships with independent retailers, community operators, mortgage brokers, and directly to buyers of manufactured homes. Homebuyers may utilize a full range of lending programs, including home-only loans, pre-owned home loans, bi-weekly payment plans, and stage-funded land/home loans to name just a few of the company’s offerings.

The company originates and services both consumer and commercial loans in 48 states. In 2023, the company reached a record loan volume by originating nearly $3.3 billion in new and preowned manufactured home loans. A total of 29,768 loans were originated, which includes consumer, commercial, park model, and pre HUD home loans. The company refined programs, tools, and services to support the 7% growth compared to the previous year.  Through the company’s outreach to independent retailers across the country, 21st Mortgage now serves the borrowing needs for customers of almost all independent retailers nationwide.

During 2023, 21st Mortgage served many customers with credit challenges or limited credit history.  Through a responsible and common-sense lending approach, the company helped make the dream of homeownership a reality for these and many other borrowers. The company also offered more flexible borrowing options for homebuyers affected by a number of natural disasters throughout the year.  This lending support is critical for consumers seeking affordable housing and is essential for growth and stability to not only 21st Mortgage, but to manufacturing and sales activities throughout the industry.

At the end of 2023, 21st Mortgage was servicing more than 243,000 customers, representing more than $16 billion in new and pre-owned home loans. The company also acquired $650 million in loans from other lenders, which was a record year for the company in acquisitions. The benefit of moving to 21st Mortgage was immediate as the dedicated Servicing Team Members worked diligently to help bring struggling borrowers back into good standing. 21st Mortgage’s Servicing Team also worked with federal and state sponsored payment assistance programs to help borrowers who were having financial difficulties access nearly $9 million in assistance funds.  To ensure success, the company continued to add team members and upgrade systems to increase accessibility for all borrowers.  These efforts resulted in reduced response times, improved customer experience, and maintained low portfolio delinquency and default rates.

During 2023, 21st Mortgage continued to invest in resources to elevate its digital communication and processing tools.  The company’s web-based credit application, complementing Customer Portal, and proprietary Originations Platform were further refined and optimized for efficiency and enhanced user experience.  These tools continue to improve the customer experience and significantly reduce application processing times. Through these enhancements, 21st Mortgage’s industry-leading web-based application now represents virtually half of all new credit applications received by the company.

In 2023, 21st Mortgage continued to elevate their digital services available to the company’s borrowers.  In addition to improving the texting communication and eSign options for borrowers, the company launched a new Loan Portal for its Servicing customers. This portal serves as a convenient, user-friendly platform for customers to access their loan information, make payments online and access their tax documents on any device. Another tool that the company launched in 2023 is the new and improved Payment Estimator.

In addition to the company’s consumer and commercial lending programs, 21st Mortgage is the industry’s largest national floorplan lender. Serving more than 1,000 independent retailer locations nationwide, the company provides floorplan financing for more than 1,000 homes each month, representing more than 22% of new homes sold industry-wide. With rapid changes in home pricing, backlogs, and interest rates, 21st Mortgage responded by working with retailers and manufacturers to secure much needed retail sold homes, while also working with them to strengthen their position by reducing outstanding inventory during a period of shrinking backlogs and rising interest rates. 21st Mortgage and the company’s leadership team continues to take an active role in working toward regulatory relief and compliance solutions that serve the entire industry.

To view all the winners of the 2024 MHI Excellence in Manufactured Housing Awards, visit ManufacturedHousing.org.