The $9 billion Members United Corporate FCU has signed a strategic alliance with mortgage services provider Altisource Portfolio Solutions. The Luxemborg and West Palm Beach, Fla.-based vendor will provide loan origination, modification, loss mitigation, real estate services and technology to help credit unions effectively manage their distressed loans and mortgage application processing needs.
Vice President of Lending Tim Bruculere said Members United interviewed several companies, and found the publicly-traded Altisource was "the only provider who understood our needs and offered tailored solutions across our member community." Selecting an "off-the-shelf" product was not an option, Bruculere said.
The Warrenville, Ill.-based corporate's member credit unions originated more than $56 billion in loans in 2009, and currently manage approximately $50 billion across their servicing portfolios, Members United said.