Altisource(TM) and CastleLine(SM) Holdings Introduce Innovative Certified Loan Process
CastleLine Launches New Certified Mortgage Loan Insurance Product; Altisource Fulfillment Operations(TM) Named Exclusive Services Vendor
ATLANTA, Dec. 18, 2012 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions SA (Nasdaq:ASPS) today announced that its Fulfillment Operations division ("AFO") will be the exclusive provider of mortgage fulfillment services for the new Certified Loan program offered by CastleLine Holdings, LLC ("CastleLine"). The CastleLine Certified Loan is currently available to the members of the Lenders One® Mortgage Cooperative, which is managed by a subsidiary of Altisource. Altisource also announced that CastleLine and its affiliates will be the exclusive provider of repurchase protection offered and endorsed by Lenders One to their 240 members.
"Increasing investor and Agency scrutiny make it clear that repurchase demands will continue to play a major role in the origination marketplace," commented Timothy Stern, President of AFO. "The goal of the Certified Loan is for originators, investors and regulators to be confident that the information contained in loan applications is correct. We believe that the AFO processes utilized in CastleLine's Certified Loan program will lead to better-performing and higher-quality mortgages."
The CastleLine Certified Loan program is unlike any other protection available in today's market. In addition to promoting better quality mortgages, the standardized due diligence process designed by CastleLine and offered by AFO will allow mortgage originators to qualify for indemnity protection from repurchase demands arising out of errors, omissions and fraud of others in the underwriting process.
Coverage is available with both 3-year and 5-year reporting periods from the Association of Certified Mortgage Originators Risk Retention Group, Inc., an affiliate of CastleLine.
"We are excited to partner with industry leading organizations like Altisource and Lenders One to introduce the Certified Loan to the marketplace," said Bryan Binder, Chief Executive Officer of CastleLine. "We believe the CastleLine Certified Loan program provides originators with significant protection against losses arising from repurchase demands. We expect the robust, transparent and uniform underwriting standards required as part of the CastleLine Certified Loan Program to result in better loan performance and greater secondary market interest for Certified Loans."
Forward-Looking Statements - This press release contains forward-looking statements that involve a number of risks and uncertainties. Those 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. The Company 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 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 the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) is a global provider of services focused on high-value, technology-enabled, knowledge-based solutions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management. Additional information is available at www.altisource.com.
About Lenders One Mortgage Cooperative
Lenders One (www.LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. Members of the St. Louis based platform originated more than $106 billion of mortgages in 2011, collectively ranking as one of the largest retail mortgage origination entities in the U.S. The Lenders One cooperative, now more than 240 members strong, is managed by a subsidiary of Altisource Portfolio Solutions, S.A.
About CastleLine Holdings, LLC
CastleLine Holdings, LLC, and its subsidiaries, provide financial products and services to parties involved in the origination, underwriting, purchase and securitization of residential mortgages. Insurance available to participants in the CastleLine Certified Loan Program is underwritten by the Association of Certified Mortgage Originators Risk Retention Group, Inc. exclusively for members of the Association of Certified Mortgage Originators.
|CastleLine Press Contact:||Jason Garmise|
This is not a solicitation of insurance or an offer to insure. Insurance coverage is subject to the actual terms and conditions of an executed policy and underwriting specifications required by CastleLine and the Association of Certified Mortgage Originators Risk Retention Group, Inc.
CONTACT: Investor Contact: Michelle Esterman Chief Financial Officer +352 2469 7950 Michelle.Esterman@altisource.lu Press Contact: Kristi Kovalak Director of Marketing 314-817-1313 Kkovalak@LendersOne.com