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Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is a leading integrated service provider and marketplace specializing in the real estate and mortgage industries. With a commitment to operational excellence, Altisource offers a comprehensive suite of innovative products and technologies designed to meet the evolving demands of these markets. The company operates through two primary segments: Servicer and Real Estate and Origination.
The Servicer and Real Estate segment focuses on providing loan servicers and real estate investors with end-to-end solutions that cover the entire mortgage and real estate lifecycle. This includes asset management, field services, and real estate sales.
The Origination segment delivers technology and services that support mortgage originators throughout the mortgage origination process. Altisource’s clientele primarily consists of financial institutions, government-sponsored enterprises, and mortgage originators in the United States.
In recent news, Altisource has announced a significant partnership with Celink™, a leading reverse mortgage subservicer. Altisource has been retained as the REO asset manager for a portion of Celink’s HECM/reverse mortgage portfolio. This collaboration not only highlights Altisource’s robust asset management capabilities but also marks an exciting expansion into the reverse mortgage REO space.
Furthermore, three of Altisource’s technology businesses, Hubzu®, Equator®, and RentRange®, have been recognized in HousingWire’s annual HW TECH100™ Real Estate list for 2024. This prestigious award celebrates the top 100 innovative technology companies in the real estate sector, underscoring Altisource’s leadership in technological innovation. These platforms enhance market efficiencies and provide clients with cutting-edge solutions to drive their businesses forward.
For more detailed information, please visit Altisource's official website.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) reported its second quarter 2022 financial results, highlighting a 54% increase in its average weighted sales pipeline within the Origination segment, reaching $32 million. The company ended Q2 2022 with $70.7 million in cash, a 100% increase year-over-year, and reduced net debt by 17% to $176.5 million. Despite a service revenue decline of 14% at $37.6 million, sequential growth in the Servicer and Real Estate segment was noted. Adjusted EBITDA saw a slight loss of $6.6 million, an improvement over the previous year.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is set to report its second quarter 2022 earnings on July 28, 2022. A press release and presentation will be accessible on their website's Investor Relations section. Additionally, the company will host a conference call at 08:30 a.m. EDT on the same day to discuss the financial results, with a live audio webcast available for participants. A replay of the conference call will be posted online approximately two hours post-conclusion and will remain accessible for about 30 days.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) reported its Q1 2022 financial results, showcasing a service revenue increase to $37.8 million, marking the first sequential revenue growth in 11 quarters. Adjusted EBITDA loss improved to $4.1 million, a $4.7 million enhancement from the previous quarter. The company ended Q1 2022 with $80.0 million in cash and reduced net debt by 19%. Hubzu referrals surged 198%, indicating robust market activity. However, service revenue compared to Q1 2021 decreased by 21%.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) will announce its first quarter 2022 earnings on April 28, 2022. A press release and presentation will be accessible on Altisource’s Investor Relations webpage. The company will also conduct a conference call at 10:30 a.m. EDT on the same day to discuss the earnings results. Interested participants should register in advance to listen. A replay of the call will be available on the website shortly after it concludes and will last for about 30 days.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) announced the resignation of Scott Burg from its Board of Directors, effective March 1, 2022, due to personal reasons. Mary Hickok has been appointed to the Board in his place. Chairman and CEO William B. Shepro expressed appreciation for Burg’s support since 2018, noting that his firm, Deer Park Road Management, retains approximately 3.7 million shares in the company. Hickok, a Managing Director at Deer Park with a background in mortgage trading, aims to enhance Altisource’s growth and diversify its revenue streams.
Lenders One Cooperative hosted its annual Summit in Phoenix, AZ, focusing on strategies to enhance profitability for independent mortgage bankers. Keynote speaker Jim Craig highlighted the event, which introduced three new solutions: L1 Credit, a full credit reporting agency; LOLA, a cloud-based loan automation tool; and a partnership with Walmart for in-store mortgage solutions. The cooperative has seen a 12% increase in membership since August 2021, hiring 14 new employees to support growth. Altisource, managing Lenders One, reported that its members originated approximately $780 billion in mortgages during 2020.
Altisource Portfolio Solutions (ASPS) reported its 2021 financial results, demonstrating resilience amidst pandemic challenges. The company ended the year with $98.1 million in cash, up 68% from 2020, and reduced net debt by 21% to $149.1 million. Service revenue declined 51% year-over-year to $170.6 million, while net income rose to $11.8 million or $0.74 per share. Looking ahead, ASPS anticipates revenue growth starting Q3 2022, driven by the end of borrower relief programs and new solutions. Positive Adjusted EBITDA is expected in the second half of 2022.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) will report its fourth quarter and full year 2021 earnings on March 3, 2022. The press release and presentation will be accessible on Altisource’s Investor Relations website. A conference call will follow at 8:30 a.m. EST to discuss the results. Participants should log in early to ensure proper setup for the call. A replay will be available post-call for 30 days.
Altisource is a service provider for the real estate and mortgage industries, leveraging innovative technologies to meet market demands.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) has successfully closed the sale of its majority-owned subsidiary, Pointillist, Inc., to Genesys Cloud Services, Inc.. The company received $102.2 million in cash at closing and anticipates an additional $3.8 million from escrow accounts in the future. Altisource estimates a pre-tax and after-tax gain of approximately $107 million from the transaction. The funds will strengthen the balance sheet and support general corporate purposes, including repaying outstanding debt.
SFRhub.com, a pioneering platform for single-family rental investments, has partnered with Altisource to create a comprehensive online marketplace catering to SFR and Build-for-Rent properties. This collaboration aims to streamline the investment process, offering integrated services including data analytics, property management, and financial solutions. With an estimated $1 billion in rental portfolio listings and nearly 200,000 homes reviewed since 2018, SFRhub.com is positioned as a leader in the sector. This 'one-stop' solution aims to enhance efficiency for investors.
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