Altavera Mortgage Services, a provider of outsourced residential mortgage origination services, has announced expansion plans for 2017 along with highlights from the company’s last 12 months of growth.
“Altavera experienced rapid growth throughout 2016 despite the challenges of a dynamic regulatory environment,” Altavera Founder and President Brian Simons said. “We responded to the increased business volume by augmenting our staff, including our leadership team, and adding new services to address the evolving needs of our clients. We will continue to expand our SAFE Act-compliant outsourced mortgage services in 2017 by obtaining licensing in even more states.”
The Denver-based company, which celebrated its fourth anniversary in October, expanded its staff by 70 perecent during the last 12 months. The firm was acquired by Australian financial services company Computershare Limited in May.
“Our closed-loan file review service has remained in high demand since its launch in Q3 of 2016,” Altavera Chief Operating Officer Debora Aydelotte said. “Overall, we’ve seen a 142 percent increase in volume, so post-close due diligence will continue to be an area of focus for Altavera in 2017.”
“We also expect lender interest in Altavera’s non-Qualified Mortgage fulfillment services will continue growing, fueled by the expected changes in the regulatory environment in 2017,” Aydelotte continued. “Additionally, we anticipate that strong home values will keep HELOC originations on the forefront for Altavera and our lender clients.”
Altavera plans to expand licensing to several additional states in early 2017 to meet growing demand for private-label mortgage loan fulfillment solutions. Currently licensed in 34 states, Altavera is a fully SAFE Act-compliant loan fulfillment partner offering both comprehensive and component-based fulfillment solutions, including customized non-Qualified Mortgage services. Altavera service delivery is structured to meet each client’s specific needs for loan processing, underwriting, closing and funding.
Growth milestones from Altavera’s last 12 months include:
- January 2016: Aydelotte, former president of Altisource Origination Services, joined Altavera as chief operating officer.
- April 2016: Altavera reported a marked uptick in requests for underwriting, processing and pre-purchase review support for non-QM loans. The company estimated non-QM inquiries represented 35 percent of its client portfolio.
- May 2016: Altavera announced the Q3 2016 launch of its closed-loan file review/post-close due diligence service.
- September 2016: Altavera was named a preferred provider for Capital Markets Cooperative (CC), a nationwide alliance of mortgage bankers. Like Altavera, CMC is a member of the Computershare family of mortgage-related businesses.
- December 2016: Altavera reports a 30 percent increase in credit union demand for outsourced mortgage origination services in Q3 2016 compared to the previous quarter.