Lenders One Launches L1 Insurance for Homeowners and Automobile Insurance
Lenders One Cooperative, managed by Altisource Portfolio Solutions (NASDAQ: ASPS), has introduced L1 Insurance, a new homeowners and automobile insurance solution for its members. This service enables mortgage bankers, banks, and credit unions to offer borrowers multiple insurance quotes, aiding in cost reduction and streamlining the loan-closing process. L1 Insurance, a collaboration between CastleLine Risk and Insurance Services and Policygenius, integrates with major loan origination systems, providing a seamless interface for generating insurance quotes, binding policies, and ensuring smooth closings. Lenders One President, Justin Demola, highlighted that this initiative is part of a larger strategy to boost member revenue and reduce costs.
- Lenders One has launched a new insurance service, L1 Insurance, enhancing borrower experience by providing multiple competitive insurance quotes.
- L1 Insurance can help reduce the total cost of homeownership for borrowers.
- This service is available in all 50 states.
- L1 Insurance integrates seamlessly with major loan origination systems.
- The collaboration involves CastleLine Risk and Insurance Services, a wholly owned subsidiary of Altisource, and Policygenius.
- The initiative is part of a strategy to increase revenue and reduce costs for Lenders One members.
- L1 Insurance aims to remove friction in closing loan transactions.
- The service supports mortgage bankers, banks, and credit unions in offering better services to borrowers.
- No specific financial figures or projections were provided to indicate the immediate financial impact of L1 Insurance.
- The press release lacks details on the potential costs or fees associated with using L1 Insurance.
- There might be dependency on third parties like Policygenius, which could introduce risks.
- The effectiveness of the system integration and user experience for borrowers is yet to be proven.
Lenders One Members can help their borrowers obtain quotes from multiple insurance providers to secure homeowners and automobile insurance coverage
EL PASO, Texas, May 22, 2024 (GLOBE NEWSWIRE) -- Lenders One® Cooperative (“L1” or “Lenders One”), a national alliance of independent mortgage bankers, banks and credit unions, managed by a subsidiary of Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), today announces the availability of Lenders One Insurance (“L1 Insurance”), a homeowners and automobile insurance solution offered to Lenders One members.
L1 Insurance is a new member benefit that provides borrowers with multiple competitive quotes which may help to lower the total cost of homeownership, streamline the loan-closing process and create a better borrower experience. Through a collaboration between CastleLine Risk and Insurance Services, a wholly owned subsidiary of Altisource, and Policygenius, the insurance marketplace of Insurtech leader Zinnia, members can help their borrowers quickly receive quotes for homeowners and automobile insurance in all 50 states.
L1 Insurance integrates seamlessly with many major loan origination systems to share relevant information with a team of licensed insurance agents who can generate a quote for insurance, answer questions the borrower may have, bind the policy and send the required documents to the lender to ensure a smooth closing.
“L1 Insurance was launched as a part of our overall strategy to develop and deploy new products to support our mission of helping members maximize revenue, reduce costs and improve decision making,” said Justin Demola, CMB, President, Lenders One. “We are excited to offer members an opportunity that helps them remove friction in closing loan transactions and helps their borrowers generate competitive quotes for homeowners and auto insurance. This is one of many solutions on our roadmap designed to create value for our members’ borrowers, giving them a competitive edge in their local marketplace.”
To learn more about L1 Insurance, visit www.lendersone.com
About Lenders One Cooperative
Lenders One (LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, banks, credit unions and is dedicated to helping its members improve their profitability by reducing costs, maximizing revenue and sharing best practices. Lenders One members originated approximately
About Altisource®
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.
| Investor Contact: Michelle D. Esterman Chief Financial Officer 770-612-7007 Michelle.Esterman@altisource.com | Press Contact: Justin Demola, CMB President, Lenders One 770-956-5809 Justin.Demola@lendersone.com | |
Source: Altisource Portfolio Solutions S.A.
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