LUXEMBOURG and ALBANY, N.Y. (9/23/10)--Members United Corporate FCU has established a strategic alliance with a mortgage portfolio management service to help credit unions as they take on greater demands on their portfolios while helping members through a difficult economy. The $8.9 billion asset corporate has teamed up with Altisource Portfolio Solutions S.A., which provides knowledge process services related to real estate portfolio management, asset recovery management and customer relationship management. Members United Corporate told News Now that the decision reflects the corporate's ongoing changing corporate business model. The Aug. 26 report of the Credit Union National Association's working group on corporates concluded that significant change is required of the corporates and the corporate business model. Members United is already embracing change, the corporate said in an e-mail to News Now. Typical credit union portfolios are too small, but through Members United's distribution channel and aggregating volumes, the alliance will allow credit unions to take advantage of Altisource's expertise and scale. The alliance "was established to help Members United's 2,100 member credit unions navigate through these turbulent economic times," said Kevin Brauer, senior vice president of member relations for Members United, in a press release. Credit unions are facing the opportunity to help people needing a restructuring of their existing loans while facing challenges in escalating delinquencies, the need to make prudent loan modifications, and managing and disposing of growing real-estate owned obligations. Altisource "will offer its origination, modification, loss mitigation and real estate services as well as technology to credit unions to help them effectively manage their distressed loans and mortgage application processing needs," Brauer continued. "Using the power of aggregation, this alliance will allow our members to improve service and performance while also reducing costs." Tim Bruculere, vice president of lending for Members United, noted that "due to the unique nature of each member's business, an 'off-the-shelf' solution would not address our needs." Altisource was the only provider among those interviewed "who understood our needs and offered tailored solutions across our member community." Altisource has 20 years in business and more than 3,000 employees. Its clients include one of the nation's largest subprime servicers, government agencies and lenders, servicers, investors, financial services companies and hedge funds across the country. "Members United's alignment with Altisource is consistent with the mission to enable its members to compete effectively," said William B. Shepro, CEO. "Altisource's core services and technology will be adaptable by each member and ultimately drive members' loan volumes and make members' loans worth more," he added. In 2009, the corporate originated more than $56 billion in loans. It currently manages about $50 billion across its servicing portfolios.