LUXEMBOURG, July 21, 2014 /PRNewswire/ -- Altisource
Portfolio Solutions S.A. ("Altisource" and NASDAQ: ASPS), a premier
marketplace and transaction solutions provider for the real estate,
mortgage and consumer debt industries, today announced that it has
entered into a definitive agreement to acquire Mortgage Builder
Software, Inc. ("Mortgage Builder"), a provider of award-winning
mortgage loan origination and servicing software systems. Combined
with the recent acquisition of Equator, LLC, this addition will
extend Altisource's position as a market leader for real estate and
mortgage lifecycle management technologies and marketplace services
and will further diversify its customer base by providing software
solutions to leading mortgage banks, credit unions and financial
institutions in the United States.
The acquisition is expected to close within 30 days and is subject
to customary closing conditions.
Mortgage Builder, which offers a full suite of Software as a
Service (SaaS)-based mortgage solutions, has been consistently
recognized as one of the Industry's Top 50 Service Providers by
SourceMedia's Mortgage Technology Magazine.
William B. Shepro, Chief
Executive Officer of Altisource said, "The addition of Mortgage
Builder's loan origination, servicing and electronic document
management software enhances Altisource's current portfolio which
provides customers with one of the most comprehensive real estate
and mortgage lifecycle management platforms and services
marketplaces available. Mortgage Builder will join the Altisource
family of businesses and operate within our Technology Services
segment. Together, we will continue to develop innovative
technology solutions that meet the evolving needs of the real
estate and mortgage marketplaces."
Keven M. Smith, Chief Executive
Officer of Mortgage Builder said, "Mortgage Builder and Altisource
share a commitment to delivering a modern technology platform that
enhances compliance while improving loan processing efficiency in
both the retail and wholesale production channels. Joining
Altisource will enable us to combine forces toward the common
vision of developing the industry's most advanced and effective
real estate and mortgage lifecycle management platform and
marketplace. Going forward, our customers and partners will
continue to experience the same dedication to innovation and
customer support that they have come to expect from Mortgage
Builder, enhanced by Altisource's financial strength, stability and
global resources."
For more information, please visit www.altisource.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. These forward-looking
statements include all statements that are not historical fact,
including statements about management's beliefs and expectations.
Forward-looking statements are based on management's beliefs as
well as assumptions made by and information currently available to
management. Because such statements are based on expectations as to
future economic performance and are not statements of historical
fact, actual results may differ materially from those
projected. Altisource undertakes no obligation to update any
forward-looking statements whether as a result of new information,
future events or otherwise. The risks and uncertainties to which
forward-looking statements are subject include, but are not limited
to: Altisource's ability to integrate the acquired business, retain
existing customers and attract new customers; general economic and
market conditions; governmental regulations, taxes and policies;
availability of adequate and timely sources of liquidity; and other
risks and uncertainties detailed in the "Forward-Looking
Statements," "Risk Factors" and other sections of Altisource's Form
10-K and other filings with the Securities and Exchange
Commission.
About Altisource
Altisource is a premier marketplace and transaction
solutions provider for the real estate, mortgage and consumer debt
industries offering both distribution and content. We leverage
proprietary business process, vendor and electronic payment
management software and behavioral science based analytics to
improve outcomes for marketplace participants. Altisource was named
the 20th fastest growing global company by
Fortune for 2013. Additional information is available at
www.altisource.com.
About Mortgage Builder
Mortgage Builder provides industry-leading loan origination
software to mortgage banks, community banks, credit unions and
other financial institutions in the US. Founded in 1999, Mortgage
Builder's mortgage software solutions include: origination,
servicing, lead/customer management, production portal and
electronic document management. Mortgage Builder has been named by
Mortgage Technology Magazine as one of the industry's Top 50
Service Providers for the eighth consecutive year. Visit
www.MortgageBuilder.com.
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SOURCE Altisource