Altisource Launches Wholesale One Cooperative
September 11 2014 - 10:02AM
Business Wire
Company expands successful cooperative model to
serve mortgage brokers, third-party lenders
Altisource Portfolio Solutions S.A. (“Altisource”)(NASDAQ:
ASPS), a premier marketplace and transaction solutions provider for
the real estate and mortgage industries, has launched Wholesale
One, a new cooperative for the wholesale mortgage industry.
Wholesale One will provide a platform for mortgage brokers,
wholesale lenders and related vendors to provide quality loans to
consumers nationwide. The new cooperative will assist mortgage
brokers and other third-party originators with tools to improve
their businesses. Cooperative benefits are designed to help lower
costs for third-party services and streamline the financial
execution of a wide variety of loan products.
“The cooperative model is a proven structure for supporting
efficient business practices, consistently helping deliver
compliant solutions and bringing best practices to the forefront of
the industry,” commented Joseph Davila, President of Altisource
Mortgage Services. “Our unique ability to connect buyers with
services along with our expertise in process solutions lend
themselves well to the cooperative environment. The launch of
Wholesale One is an exciting new way for Altisource to further
develop our mortgage marketplace.”
Altisource has tapped mortgage industry veteran, Greg Murray, to
lead the new cooperative as Chief Executive Officer. Wholesale One
will benefit from Murray’s extensive background in the third-party
originations space and decades of leadership experience at
Citigroup, Wells Fargo and JPMorgan Chase & Co.
“This $100 billion market is facing a variety of funding,
compliance and operational challenges, so the timing is ideal to
step in and deliver a crisp, streamlined execution platform to help
ensure product diversity remains available for today’s home buyers
while enabling compliant growth for the mortgage broker community,”
commented Murray. “The proprietary technology and originations
expertise at Altisource, combined with the collective buying power
inherent in a cooperative, means there is truly an opportunity to
help third-party originators navigate an evolving market while
helping to alleviate business process and compliance
challenges.”
About Wholesale One
Wholesale One (www.wholesaleone.com) is a national cooperative
dedicated to creating a more stable and efficient wholesale lending
environment for residential mortgage brokers and wholesale
lenders. Established in 2014, Wholesale One helps mortgage
brokers and wholesale lenders improve their profitability and
deliver an outstanding experience for borrowers. The cooperative is
managed by a subsidiary of Altisource Portfolio Solutions S.A.
(NASDAQ: ASPS).
About Altisource®
Altisource Portfolio Solutions S.A. 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. Additional
information is available at www.Altisource.com.
AltisourceInvestor Contact:Michelle Esterman, +352 2469
7950Chief Financial
OfficerMichelle.Esterman@altisource.luorPress Contact:Kristi
Kovalak, 314-817-1313Director of
MarketingKKovalak@Altisource.com
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