Magazine article Mortgage Banking

Altisource Portfolio Solutions Announces New Short-Sale Services

Magazine article Mortgage Banking

Altisource Portfolio Solutions Announces New Short-Sale Services

Article excerpt

Altisource Portfolio Solutions, Albany, New York, a provider of knowledge process services related to real estate mortgage portfolio management, asset recovery management and customer relationship management, has added short-sale and deed-in-lieu services to its comprehensive line of services available to mortgage lenders and servicers. The strategic expansion leverages Altisource's 20 years of experience in default and asset management to provide lenders and servicers with another essential component to enhance their loss-mitigation programs--all from a trusted, single-source, end-to-end provider, according to the company.

With the Treasury Department providing incentive programs to increase short-sale activity, nearly 1 million borrowers unlikely to qualify for the Home Affordable Modification Program (HAMP) and with millions of properties in negative equity, lenders and servicers foresee a tremendous need for foreclosure alternatives such as short sales and deeds-in-lieu, reports Altisource.

"There's quite a bit of overlap with short-sale transactions and default and asset management services--two areas where Altisource has enabled servicers to achieve significant success over the past 20 years," said Tara Williams, Altisource's vice president of field services, who will be overseeing the new short-sale operation. …

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