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Lenders One-Related Firm Acquired

Altisource acquires The Mortgage Partnership of America

Feb. 12, 2010

By MortgageDaily.com staff


The company that manages the Lenders One Mortgage Cooperative has been acquired by a firm that was previously part of Ocwen Financial Corp.

In a statement today, Altisource Portfolio Solutions said it acquired The Mortgage Partnership of America. Senior management at Mortgage Partnership are included in the deal, which included cash and Altisource shares.

Mortgage Partnership is the manager of Lenders One.

Altisource, based in Luxembourg, was part of Ocwen until Aug. 10, 2009, when it was spun off. In addition to Luxembourg and the United States, it operates in India and Uruguay.

Lenders One is a cooperative of 155 independent mortgage bankers that reported more than $75 billion in collective originations last year.

Members of St. Louis-based Lenders One will benefit from Altisource's delivery model for mortgage services, the news release said.

"We are convinced that through the combination of Altisource and MPA, we will be able to offer an improved capital market and loan execution strategy adaptable by each member that will ultimately drive members' loan volumes, lower members' costs and make members' loans worth more," Altisource Chief Executive Officer William B. Shepro said in the announcement. "With the acquisition of MPA, we take a significant step in our evolution in becoming a full service provider in the mortgage services vertical."

Lenders One CEO Scott Stern added that the resources of Altisource will make Lenders One members more competitive.

"The acquisition reflects Altisource's commitment to invest in mortgage services that span the entire lifecycle of a loan," Altisource stated.

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