Lenders One Brings Together Its Members and Providers To Help Members Increase Profitability and Navigate Current Market, Announces Interest in Equity in Three Technology Companies to Serve Membership
07 March 2023 - 4:21AM
Lenders One® Cooperative (“L1” or “Lenders One”), a national
alliance of independent mortgage bankers, banks and credit unions,
today welcomes members and providers in Las Vegas, NV at the L1
Summit, its annual conference. The Cooperative members will
celebrate the strength of the cooperative and participate in
education sessions, keynotes and networking events designed to help
members reduce costs, increase profitability and navigate the
mortgage markets. L1 Summit features many of the top industry
experts and member-only networking and education sessions, to
showcase best practices for the current industry cycle.
Lenders One, which is managed by a subsidiary of Altisource
Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ:
ASPS), a leading provider and marketplace for the real estate and
mortgage industries, also announces today that the Company has
shares and/or warrants in three mortgage technology companies that
support and serve the Lenders One membership. The three technology
companies are Mortgage Automation Technologies, Inc. (the “Big
Point of Sale”), PollyEx, Inc. (“Polly”) and Secure Settlements
Inc., (“Secure Insight”).
- Mortgage Automation Technologies’ The Big Point of Sale is an
efficient and cost-effective POS system designed by industry
professionals that offers a configurable solution with a mixture of
consumer and origination portals in multiple formats including a
web landing page, mobile application, and a line of kiosks. The Big
Point of Sale offers simplified consumer workflows that allow for
consumers and loan originators to collaborate with the back-office
team to keep everyone informed throughout the loan process.
- Polly, a leading provider of innovative mortgage capital
markets technology, is transforming the industry with its modern,
data-driven capital markets ecosystem. Banks, credit unions and
mortgage lenders nationwide trust Polly’s revolutionary Product and
Pricing Engine (PPE), Loan Trading Exchange and actionable data and
analytics to automate and optimize the entire capital markets value
chain, enabling their secondary teams to scale mortgage operations
far more effectively and profitably.
- Secure Insight is a robust, cost-efficient and airtight defense
against closing and wire fraud giving lenders the protection and
the critical information that they are legally entitled to – and
deserve.
“Altisource’s interest in these companies supports the Lenders
One mission to be the one-stop source for mortgage lenders to
access best-in-class solutions that improve their profitability and
meet the evolving needs of borrowers,” said Justin Demola, CMB,
President, Lenders One and Senior Vice President of Originations,
Altisource. “These compelling technology solutions should help our
members improve their performance during these challenging
times.”
To help its members improve their profitability, manufacture
loans more efficiently and close more loans, over the last year
Lenders One has enhanced several of its solutions previously
released, including:
- L1 Credit and Resellers. L1 Credit
is a full credit reporting agency (CRA) that offers members
tri-merge credit reports and other Fair Credit Reporting Act (FCRA)
related products required to manufacture a loan including fraud
reports, undisclosed debt notifications (UDN), verification of
employment (VOE), verification of assets (VOA), tax return
information (4506-T) and Social Security verification
(SSV) reports.
- Lenders One Loan Automation 2.0 (LOLA
2.0). LOLA automates the loan manufacturing process
to improve members’ operational efficiency and make it easier for
members to order and receive L1 Solutions through a single point of
entry without the need for human intervention. LOLA 2.0 enhancement
highlights include one-click order fulfillment for various products
and services from within the LOS, with most automated orders
processed under one minute reducing the opportunity for human
errors related to data entry and processing. Users can now work on
their loan files while orders are being processed without needing
to save and exit the file. Plus, new automation customizations
allow users to write their own fields and rules to trigger LOLA
orders.
- Three Walmart Branch In-Store Locations are open for
business. In October and November 2022, Lenders One opened
three mortgage lender in-store branch locations at select Walmart
locations in New Jersey (Boonton and Newton) and Florida (Orlando).
These openings are part of Lenders One’s nationwide initiative to
offer prospective homebuyers access to mortgage origination
solutions where they shop within their community with a strong
focus on consumer education, underserved markets and affordable
homeownership. The Walmart-based in-store branch Lenders One
locations in Newton, NJ and Orlando, FL are powered by Family First
Funding, LLC and the Boonton, NJ in-store branch is powered by MLB
Residential Lending, LLC.
- New Lenders One NMLS CE Course Provider: OnCourse
Learning. Since 2010, Lenders One has provided members
with complimentary, NMLS-approved continuing education courses. The
valuable member benefit continues with a new Preferred Provider -
OnCourse Learning. Through OnCourse Learning, Lenders One members
will be able to complete the annual NMLS online CE courses with no
registration or NMLS credit banking costs.
Additionally, since the last Summit, Lenders One has added 12
new preferred providers and four new capital markets providers.
New Preferred Providers:
- AcuClix: Social media compliance software and
compliance reviews. AcuAuditor software provides RESPA Section 8
compliant monitoring and reporting for Marketing Service Agreements
(MSAs), Desk Rentals and other types of co-marketing
relationships.
- ActiveComply: A cloud-based solution that
helps mortgage lenders, banks and credit unions engage with social
media safely and meet their compliance and archival requirements.
Made for the financial industry by the financial industry.
- Argyle: Income and employment verification
from mortgage application to closing with a single borrower
authentication. With Argyle, borrowers connect their real-time
payroll records directly to your website or app. You reverify as
many times as you need from a single touchpoint.
- Asurity: Compliance-focused SaaS solutions,
including Propel, a flexible loan document platform that ensures
compliance, RegCheck, a best-in-class mortgage loan compliance
solution to keep you in check, and RiskExec, a reporting and
analysis platform for HMDA, CRA, Fair Lending and Fair
Servicing.
- ForumPay® Cryptocurrency Closings Through Premium Title
Services. A convenient and easy to use offering to convert
cryptocurrency to USD for loan closings.
- Lender Toolkit: AI Underwriter™ accurately
underwrites all aspects of a loan in 90 seconds or less providing a
sales advantage, operational efficiency, and higher profits.
PowerTools® offer pre-built solutions to customize your Encompass®
LOS and optimize your mortgage manufacturing process.
- LendingPad: Modern LOS serving lenders,
brokers, bankers and credit unions. Offers centralized and
compliant automated technology to the mortgage industry, with
solutions spanning the entire mortgage lending process to lower
your business costs.
- LexisNexis Risk Solutions: Fraud prevention,
identity verification, due diligence, compliance PEP and watchlist
screening, credit risk assessment, know your customer and big data
solutions for the financial services industry.
- Matchbox, LLC: Matchbox was created to aid
mortgage bankers in their operational processes with specific focus
in the technology and secondary areas.
- Snapdocs: A complete eClosing solution for
borrowers, lenders and investors with exclusive member pricing and
complimentary consulting.
- TrustEngine: The TrustEngine Borrower
Intelligence Platform goes beyond standard alerts and triggers,
offering deep behavior analysis to generate granular borrower
segments and predict mortgage loan needs, facilitating more
relevant borrower outreach (formerly known as Sales Boomerang and
MortgageCoach).
- Universal Component Lender Services: UCLS
provides component and advisory services to master servicers and
service providers looking to enhance their performance, borrowers’
experience, compliance and financial outcomes.
New Capital Markets Providers:
- Cornerstone Servicing: Cornerstone Servicing
is a mortgage loan servicer with a caring heart and passion for
excellence. Its end-to-end servicing solutions combine superior
service, leading technologies, digestible communications, and
proactive processes to help make homeownership easy for the life of
a loan. Cornerstone’s remarkable servicing experience promotes
happy homeowners, healthy mortgages and higher returns and
sustainable growth for lenders.
- Deephaven: Deephaven Mortgage is a pioneer in
the Non-QM space and provides mortgages to the millions of
Americans who, for one reason or another, are unable to qualify for
a traditional, government-backed loan. Deephaven’s team of industry
experts is known for their experience, knowledge and focus in the
Non-QM space.
- NP, Inc.: NP, Inc. TPO Lending provides the
most comprehensive Non-QM product line in the industry, offering
very competitive pricing and the ability to close loans quickly and
efficiently. They assist with out-of-the-box scenarios, including
more lenient credit seasoning requirements, higher debt-to-income
ratios and exceptional Jumbo and Non-QM products – and they keep
loan files on track every step of the way.
- PCB Bank: PCB Bank Mortgage Warehouse proudly
provides flexible funding solutions to mortgage bankers nationwide
through warehouse lines of credit, with the ability to serve anyone
from an Emerging Banker to fully delegated Mortgage Bankers. Their
veteran warehouse lending team offers a wealth of mortgage industry
experience and a desire to foster lasting relationships through the
delivery of expert guidance and customer service excellence.
Since the last Summit in March 2022, Lenders One added 28 new
members. To help our members improve their profitability, maximize
their benefits and support our aggressive growth plan for 2023 and
beyond, Lenders One hired nine new employees including Theo Ellis,
CFA, Vice President of Growth; Jon Grafflin, CMB, AMP, Vice
President of Capital Markets; and Krista K. Sabol, Director of
Marketing.
“Amid today’s challenging mortgage origination environment, I am
excited about the milestones achieved by the Cooperative over the
last year and optimistic about our ability to continue to help the
L1 members better compete,” said Justin Demola, CMB,
President, Lenders One. “Our longstanding mission is to help
members reduce costs, improve their profitability and better
compete against larger, well-funded mortgage lenders. Our support
and release of these innovative solutions are key to accomplishing
that mission.”
About Lenders One Cooperative
Lenders One (LendersOne.com) was established in 2000 as a
national alliance of independent mortgage bankers, banks, credit
unions, correspondent lenders and suppliers of mortgage products
and services. Participants on the Lenders One platform originated
approximately $780 billion of mortgages during 2020, collectively
ranking as the largest retail mortgage entity in the U.S. Lenders
One is managed by a subsidiary of Altisource Portfolio Solutions
S.A.
About Altisource®
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an
integrated service provider and marketplace for the real estate and
mortgage industries. Combining operational excellence with a suite
of innovative services and technologies, Altisource helps solve the
demands of the ever-changing markets we serve. Additional
information is available at altisource.com.
Source: Altisource Portfolio Solutions S.A.
Investor Contact:Michelle D. EstermanChief
Financial Officer770-612-7007Michelle.Esterman@altisource.com |
Press Contact:Justin Demola, CMBPresident, Lenders
One770-956-5809Justin.Demola@lendersone.com |
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