CastleLine has launched a new certified Mortgage Loan insurance product and appointed Altisource Portfolio Solutions (ASPS) Fulfillment Operations (AFO) division as the exclusive provider of mortgage fulfillment services.
AFO president Timothy Stern said that the processes will provide better-performing and higher-quality mortgages for CastleLine’s Certified Loan program.
"The goal of the Certified Loan is for originators, investors and regulators to be confident that the information contained in loan applications is correct," Stern added.
CastleLine chief executive officer Bryan Binder said, "We believe the CastleLine Certified Loan program provides originators with significant protection against losses arising from repurchase demands."
Currently available to Altisource subsidiary Lenders One Mortgage Cooperative members, the CastleLine Certified Loan will be used by mortgage originators to qualify for indemnity protection from repurchase demands arising out of errors, omissions and fraud of others in the underwriting process.
The new coverage will be available through CastleLine affiliate, the Association of Certified Mortgage Originators Risk Retention Group, with both 3-year and 5-year reporting periods.