Altisource Portfolio Solutions S.A. has launched Wholesale One, a new cooperative for the wholesale mortgage industry. The organization will provide a platform for mortgage brokers, wholesale lenders and related vendors to provide quality loans to consumers nationwide. Here’s how it will work:
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.”
Altisource acquired mortgage cooperative Lenders One, servicing technology provider Equator and LOS Mortgage Builder. So, this combined portfolio coupled with their prior internal resources, makes this expansion a next logical step for the company. Personally, I expect to see the company make more similar moves as time goes by.
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