LUXEMBOURG--(Marketwired - September 07, 2016) - Altisource Portfolio Solutions S.A. ("Altisource") (NASDAQ: ASPS), a leading provider of real estate, mortgage and technology services, has expanded its servicer solutions businesses with its new Foreclosure Auction Services, including support for the Federal Housing Administration's Claims Without Conveyance of Title (CWCOT) program, providing mortgage servicers with additional, accelerated real estate disposition strategies.
"The mortgage servicing market is more demanding than ever as servicers grapple with compliance requirements, growing complexity and cost pressures," said John A. Vella, Chief Revenue Officer of Altisource. "Our goal is to help servicers tackle these challenges -- we do that by giving them a complete set of innovative solutions, backed by deep industry expertise and a steadfast focus on quality, controls and compliance."
Altisource's servicer solutions feature an end-to-end suite of offerings to support various aspects of a mortgage servicer's business -- from property valuation, default technology, real estate brokerage and online auctions to asset management, title and field services. Altisource's strong track record of delivering results for mortgage servicers includes:
- Provision of services to five of the top 10 financial institutions and several special servicers across the U.S.1
- More than 2.7 million property inspections performed annually2
- More than 600,000 valuations provided annually3
- More than 159,000 residential properties sold on Hubzu® with properties sold in all 50 states and Washington, D.C.4
Adding to its suite of servicer solutions, Altisource has announced a comprehensive set of foreclosure auction services that leverage Altisource's deep experience in real estate marketing and auctions:
- Pre-foreclosure marketing services - Utilizes Hubzu's proven digital marketing platform and active investor base to provide significant exposure to foreclosure properties and auction events
- Onsite foreclosure auctioneering - Altisource's nationwide network of auctioneers and proprietary technology provides visibility, accuracy and compliance for successfully managing large-scale, on-site foreclosure auction events
- Online second chance auctions - Exclusively for HUD properties as part of the FHA's CWCOT program, 2nd chance online foreclosure auctions utilize Hubzu's proven digital auction platform which has successfully marketed and sold over 159,000 properties online
"With these new offerings, we're providing servicers with alternatives to historical disposition approaches as they look to achieve excellence in managing their delinquent portfolios," said Vella. "This enhances our end-to-end solution suite for our growing client base."
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) 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. Additional information is available at altisource.com.
1 Several leading financial institutions ranked by U.S. assets use at least one Altisource servicer solution.
2 Transaction volume July 2015 through July 2016.
3 Average number of valuations performed annually between May 2013 and May 2016.
4 Residential properties sold January 2009 through July 2016.