Altisource Launches Bundled FHA Product

Features FHA Modeling Tool, powered by Equator, allowing servicers to more accurately project costs and determine a management strategy to reduce losses on FHA assets

LUXEMBOURG, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider of real estate, mortgage and technology services, today announced the launch of its bundled FHA product which provides customized asset management services for delinquent FHA loans.

According to the Altisource “State of the Servicer Industry” report, 86 percent of servicing professionals surveyed cited that their organization currently services FHA loans. Nearly three-quarters (72 percent) expect their FHA loan portfolio to increase over the next 12 to 24 months and 77 percent expect the increase to be more than 25 percent. As servicers know, servicing FHA loans comes with the risk of being required to convey foreclosed FHA assets back to HUD, increasing the cost and fees to service FHA loans. Utilizing an experienced vendor with broad asset management solutions for delinquent FHA loans enables a more cohesive process to help mitigate these risks.

Altisource’s FHA offering typically begins with asset oversight at the 60-day delinquency mark and extends through the first Claims Without Conveyance of Title (CWCOT) sale and, if required, the second chance sale. Utilizing Equator, Altisource’s residential loan default software and marketing solution, Altisource can help servicers manage the asset marketing and conveyance process (including field services, valuations, title services, online marketing and auctions) from one place. In addition, the Equator^® platform includes a proprietary FHA model that leverages the data feeds and workflows to help optimize outcomes for servicers.

The features of the FHA Modeling Tool include:

• Market Analysis – Provides comprehensive data for assets under management, allowing for re-optimization throughout the post-sale lifecycle.
• Forecasting – Indicates the estimated cost of conveyance and holding timeline to compare various disposition processes and outcomes, including potential servicer contributions.
• Actionable Data – Displays percentages of profitability and potential gain/loss for each potential decision based on current market data.
• Records – Stores a history of multiple model outputs in one location to keep record of an asset containing all modeled values, user edits for tuning, strategy decisions and commentary for collaboration on execution.

“Now is the time for servicers to review their internal capabilities and ensure they engage the best and most experienced vendors to effectively prepare for a growing FHA portfolio,” said Patrick G. McClain, Senior Vice President of Equator and Hubzu Auction Services for Altisource. “Our FHA modeling tool, in combination with the bundled Altisource FHA products, offers servicers the potential to mitigate some of the costs and risks associated with conveying assets back to HUD, and view the status and results through Equator.”

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 we serve. 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: Britt E. Gottlieb Senior Manager, Communications 617-728-6118 Britt.Gottlieb@altisource.com

Source: Altisource Portfolio Solutions S.A.