Altisource Portfolio Solutions SA, a marketplace and transaction solutions provider for the real estate and mortgage industries, has introduced a new cooperative called Wholesale One.
According to Altisource, Wholesale One will provide a platform for mortgage brokers, wholesale lenders and related vendors to provide quality loans to consumers nationwide. The new cooperative will assist mortgage brokers and other third-party originators with tools to improve their businesses. Cooperative benefits are designed to help lower costs for third-party services and streamline the financial execution of a wide variety of loan products.
Altisource says it has tapped mortgage industry veteran Greg Murray to lead the new cooperative as CEO. Wholesale One will benefit from Murray's extensive background in the third-party originations space and decades of leadership experience at Citigroup, Wells Fargo and JPMorgan Chase & Co.
"This $100 billion market is facing a variety of funding, compliance and operational challenges, so the timing is ideal to step in and deliver a crisp, streamlined execution platform to help ensure product diversity remains available for today's home buyers while enabling compliant growth for the mortgage broker community," says Murray.