Altisource Portfolio Solutions, which Ocwen Financial Corp. spun off last year, has acquired the external manager of the Lenders One mortgage cooperative for an undisclosed sum.
Scott Stern, the chief executive of Lenders One, said Altisource will maintain the existing executive team and employee base of the management company Mortgage Partnership of America LLC.
The St. Louis cooperative's 155 member mortgage banks originated $75 billion of loans last year, which would make Lenders One the nation's fourth-largest lender if counted as one.
Stern stressed that Lenders One will "continue to exist" and that Altisource is not buying it.
Mortgage Partnership handles an array of duties for the cooperative, including program development, marketing, advertising and even legislative advocacy.
Stern owned part of the management firm but would not disclose how much.
Publicly traded Altisource is headquartered in Luxembourg and provides mortgage-related vendor services to the residential finance industry.
Its former parent company Ocwen, of West Palm Beach, Fla., is best known for servicing subprime mortgages.
