SOURCE: Altisource Portfolio Solutions, S.A.

Altisource Portfolio Solutions, S.A.

August 31, 2015 09:00 ET

Altisource Demonstrates Progress Against Growth Initiatives

Converts Owners.com Into a Top Ten Real Estate Brokerage, Redesigns Hubzu Home Auction Site, Launches Residential Investor One and Expands Customer Base

LUXEMBOURG--(Marketwired - August 31, 2015) - Altisource Portfolio Solutions S.A. ("Altisource") (NASDAQ: ASPS) continues to advance several key growth initiatives, demonstrating the Company's strengths and innovations in the real estate and mortgage industries. Altisource's milestone achievements span the Company's growth initiatives, including:

  • Real estate marketplace: Engaging consumers, agents and real estate investors with new tools and upgraded experiences
    • Achieved record Hubzu® home sales in the second quarter of 2015: Hubzu achieved a record quarter, selling more than nine thousand homes as it continued to diversify its customer base. To continue to improve the customer experience, Hubzu launched a redesigned website and added a buyer's financing contingency option which broadens accessibility of its inventory to more home buyers.
    • Introduced the new Owners.com: Launched Owners.com as a top 10 nationwide brokerage with an enhanced website and program that rewards buyers for the work they often do in locating a new home by giving buyers a rebate of up to 1.5 percent of the purchase price of the home.
    • Launched Residential Investor One: Established a cooperative that provides residential real estate investors access to lower cost vendors and services associated with purchasing, renovating, managing, financing and reselling properties by leveraging the collective buying power of Residential Investor One's members.
  • Mortgage marketplace: Addressing customers' efficiency, compliance and innovation needs
    • Continued to grow servicer outsourced services: Awarded new default related services contracts in the second quarter including an REO asset management and pre-foreclosure services contract with a top 10 U.S. bank. As one of a few firms offering a full suite of default related services on a national scale, prospects are expressing strong interest in the Company's property preservation and inspection, asset management, brokerage, title and online auction solutions.
    • Grew Lenders One® Mortgage Cooperative: Expanded the Lenders One preferred partner and investor rosters to connect the cooperative's membership with respected experts and resources. Lenders One® members originated approximately $200 billion in mortgages in 2014, representing 18 percent of the U.S. mortgage market for the year.
    • Enhanced Mortgage Builder® software: Rolled out a new TRID-ready release of the Architect® loan origination software product to support mortgage bankers' new compliance requirements along with extensive education and training to the Mortgage Builder lender community on the new regulations.
    • Expanded the number of customers using Altisource's origination services: Added 12 new customers purchasing our origination related services in the second quarter.
    • Acquired CastleLine: Acquired the leading provider of Certified Loan Insurance products designed to protect mortgage market participants against losses caused by mortgage underwriting defects. CastleLine's innovative Certified Loan Insurance Program is enabled by its proprietary certification process. With the acquisition, Altisource strengthens its origination related offerings with products and services focused on mitigating risk in the origination, underwriting, purchase and securitization of residential mortgages.
  • Appointments: Hired industry veterans to bolster customer relationships
    • Riccardo Brizzi joined as Chief Client Officer and is focused on managing Altisource's institutional client relationships and overseeing customer strategy.
    • Kirk Willison joined as Senior Vice President Government and Industry Relations and is responsible for managing Altisource's federal and state regulatory relations as well as leading the Company's outreach to industry and consumer advocacy groups.
    • Lora Helt and Jim Leath joined as Vice Presidents Enterprise Sales and Business Development and are charged with growing and diversifying the Company's revenue and customer base across all Altisource brands.

"Altisource has made strong progress against the strategic initiatives we laid out in January of this year, positioning the Company for long term growth," said William B. Shepro, Chief Executive Officer. "The industry is increasingly prioritizing working with providers of end-to-end solutions that have comprehensive compliance management systems. Altisource is well-positioned to win against these criteria, and we are receiving very positive feedback on our capabilities resulting in recent wins and the development of a promising pipeline."

About Altisource®
Altisource Portfolio Solutions S.A. is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries. Altisource's proprietary business processes, vendor and electronic payment management software and behavioral science-based analytics improve outcomes for marketplace participants. Altisource has been named to Fortune's fastest growing global companies two years in a row. Additional information is available at altisource.com.

Source: Altisource Portfolio Solutions, S.A.

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