Altisource Portfolio Solutions (ASPS), a marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries, announced Thursday that it is acquiring CastleLine Holdings, a specialty risk management and insurance services firm.
Financial terms of the acquisition were not disclosed.
CastleLine is a provider of certified loan insurance products, which are designed to protect mortgage market participants against losses caused by mortgage underwriting defects.
In a release, Altisource said that the acquisition of CastleLine strengthens the company’s origination related offerings with products and services focused on mitigating risk in the origination, underwriting, purchase and securitization of residential mortgages.
Altisource also said that adding CastleLine will allow the expansion of CastleLine's products and services into contiguous markets.
"The acquisition of CastleLine aligns with our strategy to continue helping the mortgage banking industry safely and securely increase production while reducing costs and mitigating risks,” Altisource’s chief executive officer, William Shepro, said.
“Combined with our existing origination offerings through Altisource Origination Services and our access to the members of the Lenders One and Wholesale One cooperatives, we add meaningful synergies to the existing CastleLine business model," Shepro added.
"The acquisition also brings with it a highly talented leadership team,” Shepro continued. “I am excited to welcome the CastleLine team to the Altisource family.”
As Shepro said, CastleLine’s existing leadership team will join Altisource.
"Altisource and CastleLine together will continue to promote a safer and more efficient mortgage market that will benefit originators, correspondents, issuers and investors," said Bryan Binder, chief executive officer of CastleLine.
"Our customers and partners now have an incredible opportunity to benefit from Altisource's comprehensive and innovative suite of origination solutions,” Binder continued. “As part of the Altisource family, we know that we can bring great value to many participants of the mortgage market."
