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Altisource to acquire Mortgage Builder

22 July 2014  |  1086 views  |  0 Source: Altisource Portfolio Solutions S.A.

Altisource Portfolio Solutions S.A. ("Altisource" and NASDAQ: ASPS), a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries, today announced that it has entered into a definitive agreement to acquire Mortgage Builder Software, Inc. ("Mortgage Builder"), a provider of award-winning mortgage loan origination and servicing software systems.

Combined with the recent acquisition of Equator, LLC, this addition will extend Altisource's position as a market leader for real estate and mortgage lifecycle management technologies and marketplace services and will further diversify its customer base by providing software solutions to leading mortgage banks, credit unions and financial institutions in the United States. The acquisition is expected to close within 30 days and is subject to customary closing conditions.

Mortgage Builder, which offers a full suite of Software as a Service (SaaS)-based mortgage solutions, has been consistently recognized as one of the Industry's Top 50 Service Providers by SourceMedia's Mortgage Technology Magazine.

William B. Shepro, Chief Executive Officer of Altisource said, "The addition of Mortgage Builder's loan origination, servicing and electronic document management software enhances Altisource's current portfolio which provides customers with one of the most comprehensive real estate and mortgage lifecycle management platforms and services marketplaces available. Mortgage Builder will join the Altisource family of businesses and operate within our Technology Services segment. Together, we will continue to develop innovative technology solutions that meet the evolving needs of the real estate and mortgage marketplaces."

Keven M. Smith, Chief Executive Officer of Mortgage Builder said, "Mortgage Builder and Altisource share a commitment to delivering a modern technology platform that enhances compliance while improving loan processing efficiency in both the retail and wholesale production channels.  Joining Altisource will enable us to combine forces toward the common vision of developing the industry's most advanced and effective real estate and mortgage lifecycle management platform and marketplace. Going forward, our customers and partners will continue to experience the same dedication to innovation and customer support that they have come to expect from Mortgage Builder, enhanced by Altisource's financial strength, stability and global resources."

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