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Altisource Forms Origination, Modification and Loss Mitigation Partnership With Members United

Sep 22, 2010

Altisource Portfolio Solutions SA, a provider of knowledge process services related to real estate mortgage portfolio management, asset recovery management and customer relationship management, and Members United Corporate Federal Credit Union, an $8.9 billion financial institution that provides wholesale investment, credit, payment and correspondent services to approximately 2,100 credit unions, have established a strategic alliance to support Members United's credit union members. "The alliance with Altisource, one of the nation's leading mortgage service providers, was established to help Members United's 2,100 member credit unions navigate through these turbulent economic times," said Kevin Brauer, senior vice president of member relations for Members United. "Through this alliance, Altisource will offer its origination, modification, loss mitigation and real estate services, as well as technology, to credit unions to help them effectively manage their distressed loans and mortgage application processing needs. Using the power of aggregation, this alliance will allow our members to improve service and performance while also reducing costs." "Due to the unique nature of each member's business, an 'off-the-shelf' solution would not address our needs," said Tim Bruculere, vice president of lending for Members United. "We interviewed several companies, and Altisource was the only provider who understood our needs and offered tailored solutions across our member community." Altisource leverages its 20-year servicing heritage and more than 3,000 employees to provide products and services to some of the most respected organizations in their industries, including one of the nation's largest sub-prime servicers, government agencies and many lenders, servicers, investors, financial services companies and hedge funds across the country. "Members United's alignment with Altisource is consistent with their mission to enable its members to compete effectively. Altisource's core services and technology will be adaptable by each member and ultimately drive members' loan volumes and make members' loans worth more," said William B. Shepro, chief executive officer. Members United member credit unions originated over $56 billion in loans in 2009 and currently manage approximately $50 billion across their servicing portfolios. For more information, visit www.altisource.com or www.membersunited.org.
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