Altisource(TM) and CastleLine(SM) Holdings Introduce Innovative Certified Loan
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,
thestandardized 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
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:
Chief Financial Officer
+352 2469 7950
Director of Marketing
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