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."
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