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Option One Mortgage Co.

Option One, a national residential lender and subsidiary of H&R Block Inc., is one of the pioneers of the non-prime mortgage industry, having provided opportunities for more than 700,000 borrowers since the company’s founding in 1992.

Option One Mortgage was founded in 1992 with the goal of championing home ownership for Middle America by offering credit to millions of Americans who were not being served by traditional banks. They were one of the first companies to specialize in non-prime lending and servicing.

Loans Funded by Option One Mortgage Co.

Since they were founded, they have funded over $91 billion in residential mortgages and have helped 688,000 Americans achieve their dream of homeownership. Along the way, the company has developed a reputation as a leading servicer of loans and the lender of choice to some of the nation’s largest financial institutions and mortgage brokers.

Built into the corporate culture is an environment that encourages empowerment and continuous education combined with years of industry experience. The company pledges to continuously Educate their employees,  providing ongoing skills development and leadership training for our associates through their own training department, and they claim to promote life-long learning through outside training and tuition reimbursement.

As a member of the H&R Block family of companies, Option One helps to provide financial services throughout the nation.

Recent Option One Mortgage News

Option One Mortgage has updated its best-practices guidelines for loan origination and servicing. Other sub prime mortgage firms’ practices have angered regulators and consumer activists lately. But Option One, a unit of H&R Block Inc., though known for its proactive responses to predatory-lending issues and its cooperation with consumer activists, says that in this case it is simply following routine.

“We are continually reexamining the way we do things, ”chief operating officer Steve Nadonsaid in an interview “We regularly look at what those practices are.” Best-practices guidelines are “a necessary thing to have if you’re doing business,” he said.

One change was to eliminate borrowers’ option to choose private arbitration to resolve any disputes they might eventually have. Activists have long criticized some lenders’ tendency to nudge borrowers into arbitration, which denies them access to the court system and class-action suits. Option One has never done this, but it decided it would be a good idea to remove the option.

Mr. Nadon said the rewrite is more conversational in tone. The guidelines are available on the company’s Web site, and Option One plans to publish them in a brochure
for customers, he said. Option One, of Irvine, Calif., is the second major player to come out with an update. Ameriquest Mortgage Co. in nearby Orange freshened its guidelines last summer. Like Ameriquest, Option One got the help and endorsement of several activist groups, including the National Community Reinvestment Coalition, which has advised many sub prime lenders and servicers.

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