Altisource Portfolio Solutions has acquired The Mortgage Partnership of America LLC (MPA), which serves as the manager of the Lenders One Mortgage Cooperative (Lenders One), a national alliance of mortgage bankers.
With the combination of Altisource and MPA, Lenders One members will benefit from Altisource's delivery model for mortgage services, the companies say.
‘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,’ says William B. Shepro, CEO of Altisource.
Altisource will retain MPA's leadership and team. Consideration for the transaction consisted of cash, paid from available funds, and less than 5% of the shares of Altisource. Other terms of the deal were not disclosed.
MPA was advised on the transaction by its financial advisor, Milestone Advisors.
SOURCE: Altisource