Altavera Mortgage Services (Altavera), a Computershare company and provider of outsourced residential mortgage origination services, has received residential mortgage licensing approval in 10 new states, bringing its total number of state licenses to 36. Altavera’s origination services are newly available in Arkansas, Connecticut, Illinois, Iowa, Kansas, Minnesota, Mississippi, Oklahoma, South Carolina and the District of Columbia.
The news follows Computershare’s acquisition of Altavera in May 2016 and Altavera’s January 2017 announcement that it would expand licensing to several additional states to meet growing demand for its private-label mortgage services. Altavera’s customizable, fully SAFE Act-compliant fulfillment solutions include processing and underwriting of conforming, jumbo and non-Qualified Mortgage loans. The company also specializes in closed-loan file review for a variety of loan types.
“Federal and state laws are abundantly clear. Third parties involved in residential mortgage loan fulfillment, which includes contract processing and underwriting, must be licensed to provide those services. At Altavera, we do not take lightly these legal obligations,” Altavera President Brian Simons said in a press release, adding that Altavera employs a team of regulatory experts to ensure the company remains compliant.
“When Computershare bought Altavera and Capital Markets Cooperative last May, we emphasized that we would invest in both companies and enable them to build on the success they’d already achieved,” Computershare Loan Services CEO Nick Oldfield said in the release. “We’re really pleased to announce this licensing expansion for Altavera and look forward to further expansion of our services throughout 2017.”
Typically, both individual mortgage loan originators (MLOs) and companies that engage in mortgage loan origination, including third-party service providers, must hold a license in each state in which they conduct business. Licensing requirements are intended to help borrowers and other purchasers of mortgage origination services verify that their MLO is qualified to conduct mortgage business and has not been convicted of any civil or criminal wrongdoing.