SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* DAVILA JOSEPH A. (Last) (First) (Middle) 40, AVENUE MONTEREY (Street) LUXEMBOURG CITY N4 L-2163 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 05/21/2014	3. Issuer Name and Ticker or Trading Symbol Altisource Portfolio Solutions S.A. [ ASPS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) President, Mortgage Services	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	(1)	07/28/2021	Common Stock	25,000(2)	32.55	D
Stock Options	(3)	05/15/2023	Common Stock	1,875(4)	95.12	D
Stock Options	(5)	05/15/2024	Common Stock	7,500(6)	105.11	D

Explanation of Responses:

1. On July 28, 2011, Mr. Davila was granted 25,000 options. The vesting schedule is as follows: (1) Time-Based. 6,250 Options (25%) vest in 4 increments, beginning on the anniversary of the grant date. (2) Performance-Based. 12,500 Options (50%) vest in 4 increments: 1/4 of the options vest when: (x) the share price doubles the exercise price and (y) investors achieve a 20% Annualized Rate of Return based on the exercise price. Thereafter, 1/4 of the Options vest each anniversary of the initial vesting. (3) Extraordinary Performance-Based. The remaining 6,250 Options (25%) vest in 4 increments: 1/4 of the Options vest when: (x) the share price triples the exercise price and (y) investors achieve a 25% Annualized Rate of Return based on the exercise price. Thereafter, 1/4 of the Options vest each anniversary of the initial vesting.

2. 3,125 of the Time-Based Options are currently vested, with the remaining 3,125 vesting in two equal annual increments on July 28, 2014 and 2015. 6,250 of the Performance-Based Options are currently vested, with the remaining 6,250 vesting in two equal annual increments on June 18, 2014 and 2015. 3,126 of the Extraordinary Performance-Based Options are currently vested, with the remaining 3,124 vesting in two equal annual increments on October 3, 2014 and 2015.

3. On May 15, 2013, Mr. Davila was granted 1,875 options. The vesting schedule is as follows: Time-Based Options vest in 4 increments, beginning on the anniversary of the grant date.

4. 469 options are currently vested, with the remaining 1,406 vesting in three equal annual increments on May 15, 2015 through 2017.

5. On May 15, 2014, Mr. Davila was granted 7,500 options. The vesting schedule is as follows: (1) Time-Based. 1,875 Options (25%) vest in 4 increments, beginning on the anniversary of the grant date. (2) Performance-Based. 5,625 Options (75%) vest in 4 increments: 1/4 of the options vest on the date when the Board of Directors determines that both of the following performance criteria have been achieved for fiscal year 2014: (x) Altisource's Origination Services division realizes adjusted pre-tax income growth of at least fifty percent (50%) over fiscal year 2013 and (y) the Origination Services division's margin as a percentage of service revenue is at least twenty five percent (25%). Thereafter, 1/4 of the Options vest each anniversary of the initial vesting.

6. None of these options are currently vested.

	Teresa L. Denoncourt, Attorney-in-Fact	05/30/2014
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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