John A. Vella, CRO The mortgage industry of today is faced with a major compression of profit margins due to the rising costs of originating and servicing loans. To keep up with changing times, it is paramount for loan originators and servicers to make relevant decisions at a lower cost while ensuring compliance. To this end, the industry is utilizing multiple technologies for automation, analytics, workflow, and exception-based processing for processing or servicing loans. The mortgage industry has traditionally reached out to multiple vendors with specific solutions for various tasks, causing costs to rise, and the profit margins to drop. In this scenario, Altisource has proven to be the game-changer in the loan origination and servicing space. The Altisource product suite supported by innovative technology easily integrates with originators and servicers allowing them to outsource functions to Altisource. “We have helped our customers to lower their costs and gain efficiencies while optimizing performance and compliance,” says John A. Vella, Chief Revenue Officer of Altisource.
In the origination space, Altisource furnishes Trelix, the company’s full suite of mortgage fulfillment offerings, which delivers loan processing, underwriting, quality control, due diligence, closing, and certification services. “As the fluctuating environment of loan origination makes it difficult to retain underwriting staff, using a provider like Altisource and a product like Trelix allows customers to switch easily from a fixed cost to a variable cost model,” informs Vella.
We aim to advance our clients through their journey of growth, cost management, and increased profits
The company aids customers in lowering costs by cutting down on the need for manual labor and offers a seamless user interface that allows transparency and best-in-class execution for originators.
Altisource keeps pace with the changing marketplace and caters to several customers including servicers, originators, and government agencies. The company uses its wide variety of integrated products in offering asset management services to the marketplace. Altisource combines its title, field services, brokerage, property valuations and online auction products with the Equator technology platform to uniquely position itself as a true end-to-end vendor.
Founded in 2009 to provide simple, efficient, and cost-effective mortgage solutions to its customers, Altisource began by aiding servicers with managing delinquent loans and distressed real estate functions for their clients. Over time, the company expanded through organic growth and acquisitions and started servicing the consumer real estate and origination sectors. In addition to its end-to-end solutions for origination and servicing, Altisource offers online real estate platforms for consumers and investors, works as an aggregator of data, and aids clients in utilizing this data to make effective decisions. The company is built on a backbone of compliance and vendor management, while providing the market with workflow and integration capabilities.
Over the past decade, Altisource customers have used its products and services to lower costs as well as improve client satisfaction and the quality of its product as a whole. “Ultimately, we aim to advance our clients through their journey of growth, cost management, and increased profits,” concludes Vella.
Lenders originating HELOC loans often absorb consumer closing costs due to market demands on small balance transactions. HomeVal provides lenders an economical solution to satisfy title and valuation requirements at a lower cost than traditional title insurance policies and property appraisal reports.
Key features of HomeVal include:
• Tier I: Express – Provides estimated value, confidence score, last sold price and date, assessed value and year, current owner and full legal description.
• Tier II: Full – Provides features included in Tier I: Express, plus historical listing and sales information, sales comparable details, market analysis, property photographs and property taxes.
• Tier III: Complete – Provides features included in Tier II: Full, plus manual review of comparable selections to ensure property characteristics are relevant to the subject valuation and a full report of monetary liens recorded after the first mortgage.
“We are in a unique position to leverage two Altisource businesses, Premium Title and Springhouse, and provide a unified solution to support the HELOC lending market,” said Ben Hall, Vice President, Premium Title. “Receiving title search and valuation data in one report, at a low-cost and in a timely manner, helps lenders to be more efficient in underwriting HELOC loans. We continue to listen to and anticipate the challenges that arise for our customers.”