Altisource Poised To Assist Servicers and Borrowers Post Forbearance

Rhea-AI Summary

Altisource Portfolio Solutions (NASDAQ: ASPS) has launched a new program, the Signature Seller Assisted Sale, aimed at helping borrowers avoid foreclosure amid rising delinquencies. With nearly 3 million loans in forbearance, the program allows borrowers to sell their homes gracefully as a short sale or equity sale. It benefits mortgage servicers by potentially reducing foreclosure properties, lowering management burdens. The program includes services like valuation and marketing through Hubzu, with no fees for participating servicers, aiming for optimal outcomes for borrowers, servicers, and investors.

Positive

• Launch of Signature Seller Assisted Sale program to help borrowers avoid foreclosure.
• Potential reduction in foreclosure properties benefiting mortgage servicers.
• No fees for servicers participating in the program.

Negative

• None.

Mortgage industry service provider’s new program helps borrowers avoid foreclosure through its Signature Seller Assisted Sale program

LUXEMBOURG, Dec. 01, 2020 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, today announced the launch of its Signature Seller Assisted Sale program. The solution is designed to help borrowers who are unable to meet retention requirements avoid foreclosure by assisting in the sale of their home. With nearly three million loans in forbearance, delinquencies are expected to rise dramatically in coming months.

The program has the potential to benefit mortgage servicers by reducing the number of properties in foreclosure, thus lessening the burden on managing their delinquent portfolio. For the borrower, the Signature Seller Assisted Sale program offers a solution that may help avoid foreclosure and allow for a seamless and graceful transition. The program can be used as a short sale or equity sale depending on the value of the home and the unpaid balance of the loan.

The Signature Seller Assisted Sale program can include one or more of Altisource’s services, including its call center, valuation services, national brokerage and Hubzu^® online real estate marketing platform. This program may help servicers avoid or reduce lengthy foreclosure timelines, potential bankruptcies and expensive holding costs and advances. There is no fee for the servicer to participate in the program.

“The Signature Seller Assisted Sale program is designed to utilize Altisource’s integrated services to assist borrowers in gracefully selling their home when all retention possibilities are exhausted,” said John Vella, Chief Revenue Officer at Altisource^®. “We feel our combination of services uniquely positions us to offer solutions that no other vendor can provide. In the end, this program can help borrowers, servicers and investors achieve the optimal outcome in these uncertain times.”

About Hubzu^®
Hubzu is a leading online real estate marketing platform. Since 2009, Hubzu has facilitated the sale of over 227,000 homes in the United States and Puerto Rico via its transparent online marketing and auction process. Licensed agents and brokers use the Hubzu platform to market and facilitate the auction of properties for their clients. Home buyers benefit from Hubzu’s search tools and automated and transparent bidding process to find and purchase new homes. Hubzu is part of the Altisource^® Portfolio Solutions S.A. family of businesses. Additional information is available at Hubzu.com, Facebook, LinkedIn and Twitter.

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 it serves. Additional information is available at Altisource.com.

Source: Altisource Portfolio Solutions S.A.

Investor Contact: Michelle D. Esterman Chief Financial Officer 770-612-7007 Michelle.Esterman@altisource.com

Press Contact: Kevin Hosey Senior Manager, Marketing 770-612-7007 Kevin.Hosey@altisource.com

FAQ

What is the Signature Seller Assisted Sale program by ASPS?

The Signature Seller Assisted Sale program helps borrowers avoid foreclosure by assisting in the sale of their homes, offering options for short or equity sales.

How many loans are currently in forbearance related to ASPS?

Nearly 3 million loans are currently in forbearance, indicating a rise in delinquencies.

What are the benefits of the Signature Seller Assisted Sale program for servicers?

The program can reduce the number of properties in foreclosure, easing management of delinquent portfolios and costs associated with lengthy foreclosure processes.

Is there a fee for servicers to participate in the Signature Seller Assisted Sale program?

No, there is no fee for servicers to participate in the Signature Seller Assisted Sale program.

How does the program impact borrowers facing foreclosure?

The program provides borrowers with an option to sell their homes gracefully, helping them avoid foreclosure and transition smoothly.