Market Demand for Lending Efficiency and Regulatory Compliance Drive
Growth in Newest Mortgage Cooperative
ST. LOUIS--(BUSINESS WIRE)--
Wholesale One, the national mortgage broker cooperative, today announced
three charter mortgage broker members and the addition of two wholesale
investors to the cooperative platform. Wholesale One is managed by a
division of Altisource Portfolio Solutions.
"The mortgage market is seeking cost effective and efficient access to
lending products and services that drive productivity and help address
important compliance needs," said Greg Murray, chief executive officer
of Wholesale One. "With our relationships in the mortgage industry we
have quickly converted Wholesale One from a concept to an entity
delivering value to members."
New charter mortgage brokers to Wholesale One include The
Advantage Mortgage Group of Scottsdale, AZ, Advantage
Rate Mortgage of Matthews, NC and Ultimate
Rate Mortgage Company of Des Plaines, IL.
"The cooperative model is attractive for independent brokers for the way
it streamlines our fragmented marketplace and helps us drive efficiency
and productivity," said Stan Wang, president of The Advantage Mortgage
Group. "We joined Wholesale One to help us grow our business and know
our borrowers will benefit from the access to products, services and
expertise while we benefit from reducing costs and getting assistance
meeting complex regulatory requirements."
In addition, two charter wholesalers will participate on the Wholesale
One platform and work with brokers to find the best loan product for
their borrowers. The charter wholesalers are Angel
Oak Mortgage Solutions of Atlanta, GA and SterneAgee
Mortgage of Orlando, FL. The addition of the charter wholesalers
immediately offers Wholesale One members the ability to access agency
and non-agency loans.
"Many brokers may not be aware of the lending options available for
non-agency borrowers, so Wholesale One is expanding the exposure to
borrowing alternatives and giving us new ways to grow our business,"
said Tom Hutchens, senior vice president of sales and marketing for
Angel Oak Mortgage Solutions. "By being a part of the Wholesale One
cooperative, we're giving brokers confidence that we have been vetted as
a lender for their non-agency loans."
About Wholesale One™
Wholesale One (www.wholesaleone.com)
is a national mortgage cooperative dedicated to creating a more stable
and efficient wholesale lending environment for residential mortgage
brokers and wholesale lenders. Established in 2014, Wholesale One helps
mortgage brokers and wholesale lenders improve their profitability and
deliver an outstanding experience for borrowers. The cooperative is
managed by a subsidiary of Altisource Portfolio Solutions S.A. (NASDAQ:
ASPS).
About Altisource®
Altisource Portfolio Solutions S.A. is a premier marketplace and
transaction solutions provider for the real estate, mortgage and
consumer debt industries offering both distribution and content.
Altisource leverages proprietary business process, vendor and electronic
payment management software and behavioral science based analytics to
improve outcomes for marketplace participants. Altisource has been named
to Fortune's fastest growing global companies two years in a row.
Additional information is available at www.Altisource.com.
Press:
Altisource Portfolio Solutions S.A.
Nicole
Messier
Director, Global Communications
617.357.6349
Nicole.Messier@altisource.com
or
Investor:
Michelle
D. Esterman
Chief Financial Officer
+352 2469 7950
Michelle.Esterman@Altisource.lu
Source: Altisource Portfolio Solutions S.A.
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