Members United Corporate Federal Credit Union Establishes Strategic Alliance With Altisource
LUXEMBOURG and ALBANY, N.Y., Sep 22, 2010 (GlobeNewswire via COMTEX News Network) -- Altisource Portfolio Solutions S.A. (Nasdaq:ASPS), a leading 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," added 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 $56B in loans in 2009 and currently manage approximately $50B across their servicing portfolios.
About Altisource
Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) is a provider of services focused on high value, knowledge-based functions principally related to real estate and mortgage portfolio management, asset recovery and customer relationship management. Utilizing our integrated technology that includes decision models and behavioral based scripting engines, we provide solutions that improve our clients' performance and maximize their returns. Additional information is available at www.altisource.com.
About Members United Corporate Federal Credit Union
Members United Corporate Federal Credit Union is a $8.9 billion financial institution that provides state-of-the-art wholesale investment, credit, payment and correspondent services to approximately 2,100 credit unions nationwide. Members United is headquartered in Warrenville, Illinois. Additional information is available at www.membersunited.org.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Altisource Portfolio Solutions S.A.; Members United Corporate Federal Credit Union
CONTACT: Altisource Portfolio Solutions S.A. Robert D. Stiles, Chief Financial Officer +352 2469 7903 robert.stiles@altisource.lu Members United Victor A. Vrigian, Jr., Vice President of Marketing 518-292-3835 victor.vrigian@membersunited.org
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
News Provided by COMTEX