Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 19, 2019
Document and Entity Information
Entity Registrant Name	Altisource Portfolio Solutions S.A.
Entity Central Index Key	0001462418
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,278,696
Entity Treasury Stock (in shares)		9,134,052
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 51,509	$ 58,294
Investment in equity securities	38,419	36,181
Accounts receivable, net	28,634	36,466
Short-term investments in real estate	40,274	39,873
Assets held for sale (Note 3)	26,557	0
Prepaid expenses and other current assets	29,292	30,720
Total current assets	214,685	201,534
Premises and equipment, net (Notes 1 and 8)	74,991	45,631
Goodwill	79,009	81,387
Intangible assets, net	72,160	91,653
Deferred tax assets, net	308,509	309,089
Other assets	10,194	12,406
Total assets	759,548	741,700
Current liabilities:
Accounts payable and accrued expenses	64,538	87,240
Current portion of long-term debt	9,222	0
Deferred revenue	7,597	10,108
Liabilities held for sale (Note 3)	8,736	0
Other current liabilities (Notes 1 and 11)	20,743	7,030
Total current liabilities	110,836	104,378
Long-term debt, less current portion	322,577	331,476
Other non-current liabilities (Notes 1 and 13)	30,767	9,178
Commitments, contingencies and regulatory matters (Note 22)
Equity:
Common stock ($1.00 par value; 100,000 shares authorized, 25,413 issued and 16,309 outstanding as of March 31, 2019; 16,276 outstanding as of December 31, 2018)	25,413	25,413
Additional paid-in capital	125,288	122,667
Retained earnings	584,759	590,655
Treasury stock, at cost (9,104 shares as of March 31, 2019 and 9,137 shares as of December 31, 2018)	(441,149)	(443,304)
Altisource equity	294,311	295,431
Non-controlling interests	1,057	1,237
Total equity	295,368	296,668
Total liabilities and equity	$ 759,548	$ 741,700

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1.000	$ 1
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	25,413,000	25,413,000
Common stock, shares outstanding (in shares)	16,309,000	16,276,000
Treasury stock, shares (in shares)	9,104,000	9,137,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Revenue	$ 169,935	$ 197,438
Cost of revenue	124,104	147,194
Gross profit	45,831	50,244
Operating expenses:
Selling, general and administrative expenses	41,240	43,124
Restructuring charges (Note 21)	4,420	0
Income from operations	171	7,120
Other income (expense), net:
Interest expense	(6,749)	(5,863)
Unrealized gain (loss) on investment in equity securities (Note 4)	2,238	(7,501)
Other income (expense), net	374	1,272
Total other income (expense), net	(4,137)	(12,092)
Loss before income taxes and non-controlling interests	(3,966)	(4,972)
Income tax benefit	1,222	1,365
Net loss	(2,744)	(3,607)
Net income attributable to non-controlling interests	(440)	(525)
Net loss attributable to Altisource	$ (3,184)	$ (4,132)
Loss per share:
Basic (in usd per share)	$ (0.20)	$ (0.24)
Diluted (in usd per share)	$ (0.20)	$ (0.24)
Weighted average shares outstanding:
Basic (in shares)	16,292	17,378
Diluted (in shares)	16,292	17,378
Comprehensive loss:
Reclassification of unrealized gain on investment in equity securities, net of income tax provision of $200, to retained earnings from the cumulative effect of an accounting change	$ 0	$ (733)
Comprehensive loss, net of tax	(2,744)	(4,340)
Comprehensive income attributable to non-controlling interests	(440)	(525)
Comprehensive loss attributable to Altisource	$ (3,184)	$ (4,865)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock, at cost	Non-controlling interests
Balance (in shares) at Dec. 31, 2017		25,413
Balance at Dec. 31, 2017	$ 339,985	$ 25,413	$ 112,475	$ 626,600	$ 733	$ (426,609)	$ 1,373
Increase (Decrease) in Equity
Net (loss) income	(3,607)			(4,132)			525
Distributions to non-controlling interest holders	(672)						(672)
Share-based compensation expense	2,201		2,201
Exercise of stock options and issuance of restricted shares	2,617			(12,500)		15,117
Repurchase of shares	(9,994)					(9,994)
Balance (in shares) at Mar. 31, 2018		25,413
Balance at Mar. 31, 2018	320,082	$ 25,413	114,676	600,253	0	(421,486)	1,226
Balance (in shares) at Dec. 31, 2018		25,413
Balance at Dec. 31, 2018	296,668	$ 25,413	122,667	590,655	0	(443,304)	1,237
Increase (Decrease) in Equity
Net (loss) income	(2,744)			(3,184)			440
Distributions to non-controlling interest holders	(620)						(620)
Share-based compensation expense	2,621		2,621
Exercise of stock options and issuance of restricted shares	28			(1,549)		1,577
Treasury shares withheld for the payment of tax on restricted share unit and restricted share issuances and stock option exercises	(585)			(1,163)		578
Balance (in shares) at Mar. 31, 2019		25,413
Balance at Mar. 31, 2019	$ 295,368	$ 25,413	$ 125,288	$ 584,759	$ 0	$ (441,149)	$ 1,057

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net loss	$ (2,744)	$ (3,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,369	8,721
Amortization of intangible assets	8,647	7,147
Unrealized (gain) loss on investment in equity securities	(2,238)	7,501
Share-based compensation expense	2,621	2,201
Bad debt expense	155	724
Amortization of debt discount	153	89
Amortization of debt issuance costs	170	273
Deferred income taxes	582	(1,972)
Loss on disposal of fixed assets	331	489
Changes in operating assets and liabilities (excludes assets and liabilities held for sale, see Note 3):
Accounts receivable	1,091	2,289
Short-term investments in real estate	(401)	(9,915)
Prepaid expenses and other current assets	(781)	702
Other assets	(92)	481
Accounts payable and accrued expenses	(16,318)	(18,189)
Other current and non-current liabilities	(7,200)	(5,503)
Net cash used in operating activities	(6,655)	(8,569)
Cash flows from investing activities:
Additions to premises and equipment	(790)	(1,258)
Net cash used in investing activities	(790)	(1,258)
Cash flows from financing activities:
Repayments and repurchases of long-term debt	0	(1,486)
Debt issuance costs	0	(496)
Proceeds from stock option exercises	28	2,617
Purchase of treasury shares	0	(9,994)
Distributions to non-controlling interests	(620)	(672)
Payments of tax withholding on issuance of restricted share units and restricted shares	(585)	0
Net cash used in financing activities	(1,177)	(10,031)
Net decrease in cash, cash equivalents and restricted cash	(8,622)	(19,858)
Cash, cash equivalents and restricted cash at the beginning of the period	64,046	108,843
Cash, cash equivalents and restricted cash at the end of the period	55,424	88,985
Supplemental cash flow information:
Interest paid	5,634	5,269
Income taxes paid, net	2,410	946
Non-cash investing and financing activities:
Increase in payables for purchases of premises and equipment	28	264
Acquisition of right-to-use assets with lease obligations	$ 209	$ 0

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Description of Business Altisource Portfolio Solutions S.A., together with its subsidiaries (which may be referred to as “Altisource,” the “Company,” “we,” “us” or “our”), 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. We are publicly traded on the NASDAQ Global Select Market under the symbol “ASPS.” We are organized under the laws of the Grand Duchy of Luxembourg. Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. Effective January 1, 2019, the Company reorganized its internal reporting structure in connection with Project Catalyst, a project initiated in August 2018 to optimize our operations and reduce costs to better align our cost structure with our anticipated revenues and improve our operating margins (see Note 21). The internal reorganization included, among other changes, the replacement of segment presidents with a chief operating officer, who is responsible for products, services and operations for the Company’s Mortgage Market and Real Estate Market businesses, reporting to our Chief Executive Officer (our chief operating decision maker) who manages our businesses, regularly reviews operating results and profitability, allocates resources and evaluates performance on a consolidated basis. Prior to January 1, 2019, the Company reported our operations through two reportable segments: Mortgage Market and Real Estate Market. In addition, we reported Other Businesses, Corporate and Eliminations separately. The prior year presentation has been reclassified to conform to the current year presentation. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One^® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests. As of March 31, 2019, Lenders One had total assets of $2.0 million and total liabilities of $0.9 million. As of December 31, 2018, Lenders One had total assets of $2.7 million and total liabilities of $1.3 million. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 26, 2019. Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. Recently Adopted Accounting Pronouncement In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) and in July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (collectively “Topic 842”). Topic 842 introduces a new lessee model that brings substantially all leases on the balance sheet. This standard requires lessees to recognize lease assets and lease liabilities on their balance sheets and disclose key information about leasing arrangements in their financial statements. The Company adopted Topic 842 effective January 1, 2019 using the modified retrospective transition approach. In addition, the Company elected the practical expedients permitted under the transition guidance within the new standard, including allowing the Company to carry forward its historical lease classification, using hindsight to determine the lease term for existing leases, combining fixed lease and non-lease components and excluding short-term leases. Adoption of this new standard resulted in the recognition of $42.1 million of right-to-use assets in premises and equipment, net, $45.5 million of lease obligation liabilities ($16.7 million in other current liabilities and $28.8 million in other non-current liabilities) and reduced accrued rent and lease incentives of $3.4 million in accounts payable and accrued expenses and other non-current liabilities on the accompanying condensed consolidated balance sheets. Future Adoption of New Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This standard will simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Current guidance requires that companies compute the implied fair value of goodwill under Step 2 by performing procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. This standard will require companies to perform annual or interim goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period, and will be applied prospectively. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements; however, adoption of this standard as of March 31, 2019 would not have had any impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements such as the valuation processes for Level 3 fair value measurements. This standard also requires new disclosures such as the disclosure of certain assumptions used to develop significant unobservable inputs for Level 3 fair value measurements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of either the entire standard or only the provisions that eliminate or modify requirements is permitted. The Company currently does not expect the adoption of this guidance to have an impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). This standard aligns the requirements for capitalizing implementation costs in a hosting arrangement service contract with the existing guidance for capitalizing implementation costs incurred for an internal-use software license. This standard also requires capitalizing or expensing implementation costs based on the nature of the costs and the project stage during which they are incurred and establishes additional disclosure requirements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of this standard is permitted. The Company currently plans to adopt the standard prospectively and is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

CUSTOMER CONCENTRATION	3 Months Ended
CUSTOMER CONCENTRATION	Mar. 31, 2019
Risks and Uncertainties [Abstract]
CUSTOMER CONCENTRATION	CUSTOMER CONCENTRATION Ocwen Ocwen Financial Corporation (“Ocwen”) is a residential mortgage loan servicer of mortgage servicing rights (“MSRs”) it owns, including those MSRs in which others have an economic interest, and a subservicer of MSRs owned by others. During the three months ended March 31, 2019, Ocwen was our largest customer, accounting for 58% of our total revenue. Ocwen purchases certain mortgage services and technology services from us under the terms of services agreements and amendments thereto (collectively, the “Ocwen Services Agreements”) with terms extending through August 2025. Certain of the Ocwen Services Agreements contain a “most favored nation” provision and also grant the parties the right to renegotiate pricing, among other things. Revenue from Ocwen primarily consists of revenue earned from the loan portfolios serviced and subserviced by Ocwen when Ocwen engages us as the service provider, and revenue earned directly from Ocwen, pursuant to the Ocwen Services Agreements. For the three months ended March 31, 2019 and 2018, we recognized revenue from Ocwen of $98.3 million and $102.0 million, respectively. Revenue from Ocwen as a percentage of consolidated revenue was 58% and 52% for the three months ended March 31, 2019 and 2018, respectively. We earn additional revenue related to the portfolios serviced and subserviced by Ocwen when a party other than Ocwen or the MSR owner selects Altisource as the service provider. For the three months ended March 31, 2019 and 2018, we recognized revenue of $11.1 million and $15.2 million, respectively, related to the portfolios serviced by Ocwen when a party other than Ocwen or the MSR owner selected Altisource as the service provider. These amounts are not included in deriving revenue from Ocwen and revenue from Ocwen as a percentage of revenue above. As of March 31, 2019, accounts receivable from Ocwen totaled $13.3 million, $9.9 million of which was billed and $3.4 million of which was unbilled. As of December 31, 2018, accounts receivable from Ocwen totaled $15.2 million, $11.6 million of which was billed and $3.6 million of which was unbilled. As of February 22, 2019, Altisource and Ocwen entered into agreements that, among other things, facilitate Ocwen’s transition from REALServicing^® and related technologies to another mortgage servicing software platform, establish a process for Ocwen to review and approve the assignment of one or more of our agreements to potential buyers of Altisource’s business lines, permit Ocwen to use service providers other than Altisource for up to 10% of referrals from certain portfolios (determined on a service-by-service basis), subject to certain restrictions, and affirms Altisource’s role as a strategic service provider to Ocwen through August 2025. We do not anticipate that a servicing technology transition would materially impact the other services we provide to Ocwen. For the three months ended March 31, 2019 and 2018, service revenue from REALServicing and related technologies was $8.2 million and $9.6 million, respectively. NRZ New Residential Investment Corp. (individually, together with one or more of its subsidiaries or one or more of its subsidiaries individually, “NRZ”) is a residential investment trust that invests in and manages residential mortgage related assets in the United States including MSRs and excess MSRs. Ocwen has disclosed that NRZ is its largest client. As of December 31, 2018, NRZ owned MSRs or rights to MSRs relating to approximately 57% of loans serviced and subserviced by Ocwen (measured in unpaid principal balances (“UPB”)) (the “Subject MSRs”). In July 2017 and January 2018, Ocwen and NRZ entered into a series of agreements pursuant to which the parties agreed, among other things, to undertake certain actions to facilitate the transfer from Ocwen to NRZ of Ocwen’s legal title to the Subject MSRs and under which Ocwen will subservice mortgage loans underlying the Subject MSRs for an initial term of five years. On August 28, 2017, Altisource, through its licensed subsidiaries, entered into a Cooperative Brokerage Agreement, as amended, and related letter agreement (collectively, the “Brokerage Agreement”) with NRZ which extends through August 2025. Under this agreement and related amendments, Altisource remains the exclusive provider of brokerage services for real estate owned (“REO”) associated with the Subject MSRs, irrespective of the subservicer, subject to certain limitations. NRZ’s brokerage subsidiary receives a cooperative brokerage commission on the sale of REO properties from these portfolios subject to certain exceptions. The Brokerage Agreement can, at Altisource’s discretion, be terminated by Altisource if a services agreement is not signed by Altisource and NRZ. The Brokerage Agreement may otherwise only be terminated upon the occurrence of certain specified events. Termination events include, but are not limited to, a breach of the terms of the Brokerage Agreement (including, without limitation, the failure to meet performance standards and non-compliance with law in a material respect), the failure to maintain licenses which failure materially prevents performance of the contract, regulatory allegations of non-compliance resulting in an adversarial proceeding against NRZ, voluntary or involuntary bankruptcy, appointment of a receiver, disclosure in a Form 10-K or Form 10-Q that there is significant uncertainty about Altisource’s ability to continue as a going concern, failure to maintain a specified level of cash and an unapproved change of control. For the three months ended March 31, 2019 and 2018, we recognized revenue from NRZ of $4.0 million and $10.3 million, respectively, under the Brokerage Agreement. For the three months ended March 31, 2019 and 2018, we recognized additional revenue of $17.7 million and $16.1 million, respectively, relating to the Subject MSRs when a party other than NRZ selects Altisource as the service provider.

SALE OF BUSINESS AND ASSETS AND LIABILITIES HELD FOR SALE

3 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

SALE OF BUSINESS AND ASSETS AND LIABILITIES HELD FOR SALE

SALE OF BUSINESSES AND ASSETS AND LIABILITIES HELD FOR SALE

Rental Property Management Business

In August 2018, Altisource entered into an amendment to its agreements with Front Yard Residential Corporation (“RESI”) to sell Altisource’s rental property management business to RESI and permit RESI to internalize certain services that had been provided by Altisource. These services were historically provided under an agreement between RESI and Altisource, in which Altisource was the sole provider of rental property management services to RESI through December 2027, subject to certain exceptions. The proceeds from the transaction totaled $18.0 million, payable in two installments. The first installment of $15.0 million was received on the closing date of August 8, 2018. The second installment of $3.0 million will be received on the earlier of a RESI change of control or on August 8, 2023. The second installment was recorded as a long-term receivable in other assets in the accompanying condensed consolidated balance sheets and has a discounted value of $2.3 million and $2.2 million as of March 31, 2019 and December 31, 2018, respectively.

Financial Services Business

On March 28, 2019, Altisource entered into a definitive agreement to sell its Financial Services business, consisting of its post-charge-off consumer debt collection services and customer relationship management services (the “Financial Services Business”) to Transworld Systems Inc. (“TSI”) for $44.0 million, consisting of an up-front payment of $40.0 million, subject to a working capital adjustment upon closing of the sale, and an additional $4.0 million to be paid on the one year anniversary of the sale closing. In connection with the transaction, the parties will also enter into a transition services agreement that will provide for the management and transition of certain services and technologies to TSI after the sale closes.

Altisource currently estimates it will recognize a pretax gain of more than $20.0 million from the sale, which is anticipated to close before the end of the third quarter 2019, and intends to use the $40.0 million up-front payment, subject to a working capital adjustment, to repay a portion of its senior secured term loan. The sale is subject to closing conditions including the receipt of regulatory consents.

As a result of entering into a definitive agreement to sell the Financial Services Business, as of March 31, 2019, the assets and liabilities of the Financial Services Business are reported as assets held for sale and liabilities held for sale in the accompanying condensed consolidated balance sheets, and consist of the following:



(in thousands)	March 31, 2019

Accounts receivable, net	$	6,586
Prepaid expenses and other current assets	2,209
Premises and equipment, net	4,073
Goodwill	2,378
Intangible assets, net	10,846
Other assets	465
Total assets held for sale	$	26,557

Accounts payable and accrued expenses	$	4,680
Other current liabilities	1,661
Other non-current liabilities	2,395
Total liabilities held for sale	$	8,736

DISCONTINUATION OF THE BUY-RENOVATE-LEASE-SELL BUSINESS

On November 26, 2018, the Company announced its plans to sell its short-term investments in real estate (“BRS Inventory”) and discontinue the Company’s Buy-Renovate-Lease-Sell (“BRS”) business. Altisource’s BRS business focuses on buying, renovating, leasing and selling single-family homes to real estate investors. The BRS business is not material in relation to the Company’s results of operations or financial position. In anticipation of receiving the majority of the proceeds from the sale of the BRS Inventory in 2019, the Company repaid $49.9 million of its debt in the fourth quarter of 2018.

INVESTMENT IN EQUITY SECURITIES	3 Months Ended
INVESTMENT IN EQUITY SECURITIES	Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]
INVESTMENT IN EQUITY SECURITIES	INVESTMENT IN EQUITY SECURITIES During 2016, we purchased 4.1 million shares of RESI common stock. This investment is reflected in the accompanying condensed consolidated balance sheets at fair value and changes in fair value are included in other income (expense), net in the accompanying condensed consolidated statements of operations and comprehensive loss. As of March 31, 2019 and December 31, 2018, the fair value of our investment was $38.4 million and $36.2 million, respectively. During the three months ended March 31, 2019 and 2018, we recognized an unrealized gain (loss) from the change in fair value of $2.2 million and $(7.5) million, respectively. During the three months ended March 31, 2019 and 2018, we earned dividends of $0.6 million in each period related to this investment. Pursuant to the agreement between Altisource and RESI to sell the rental property management business to RESI (see Note 3 for additional information), Altisource is subject to a lock-up period with respect to the sale or transfer of the shares of common stock of RESI owned by Altisource (the “Shares”). During each quarter of 2019, Altisource is permitted to sell or transfer no more than 25% of the Shares, provided that any Shares not sold in the applicable quarter will increase the amount that may be sold in the subsequent quarters by 50% of the unsold permitted amount. Thereafter, all transfer restrictions will expire and any remaining Shares will be freely transferable. Notwithstanding these restrictions, Altisource retains the right to sell or transfer the Shares at any time: (i) where Altisource has a good faith belief that its or its affiliates’ liquidity should be increased and the sale is necessary to achieve such an increase; (ii) where the proceeds of sales will be used to finance a strategic acquisition transaction; (iii) in privately negotiated block transactions with unrelated third parties or a similar transaction; or (iv) where RESI is the subject of a tender offer that is reasonably likely to result in a change of control or where RESI undergoes a change of control. Altisource did not sell or transfer any of the Shares during the three months ended March 31, 2019.

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consists of the following:



(in thousands)	March 31, 2019			December 31, 2018

Billed	$	27,968		$	35,590
Unbilled	10,780			11,759
	38,748			47,349
Less: Allowance for doubtful accounts	(10,114		)	(10,883		)

Total	$	28,634		$	36,466

Unbilled accounts receivable consist primarily of certain real estate asset management, REO sales, title and closing services for which we generally recognize revenue when the service is provided but collect upon closing of the sale, and foreclosure trustee services, for which we generally recognize revenues over the service delivery period but bill following completion of the service. We also include amounts in unbilled accounts receivable that are earned during a month and billed in the following month.

DISCONTINUATION OF THE BUY-RENOVATE-LEASE-SELL BUSINESS

3 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUATION OF THE BUY-RENOVATE-LEASE-SELL BUSINESS

SALE OF BUSINESSES AND ASSETS AND LIABILITIES HELD FOR SALE

Rental Property Management Business

Financial Services Business



(in thousands)	March 31, 2019

Accounts receivable, net	$	6,586
Prepaid expenses and other current assets	2,209
Premises and equipment, net	4,073
Goodwill	2,378
Intangible assets, net	10,846
Other assets	465
Total assets held for sale	$	26,557

Accounts payable and accrued expenses	$	4,680
Other current liabilities	1,661
Other non-current liabilities	2,395
Total liabilities held for sale	$	8,736

DISCONTINUATION OF THE BUY-RENOVATE-LEASE-SELL BUSINESS

PREMISES AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

PREMISES AND EQUIPMENT, NET

Premises and equipment, net consists of the following:



(in thousands)	March 31, 2019			December 31, 2018

Computer hardware and software	$	177,868		$	182,215
Office equipment and other	5,264			7,384
Furniture and fixtures	12,222			13,313
Leasehold improvements	26,925			29,781
	222,279			232,693
Less: Accumulated depreciation and amortization	(182,882		)	(187,062		)
Net	39,397			45,631

Right-to-use assets under operating leases	39,046			—
Less: Accumulated depreciation and amortization	(3,452		)	—
Net right-to-use assets	35,594			—

Total premises and equipment, net	$	74,991		$	45,631

Depreciation and amortization expense totaled $9.4 million and $8.7 million for the three months ended March 31, 2019 and 2018, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying condensed consolidated statements of operations and comprehensive loss.

Premises and equipment, net consist of the following, by country:



(in thousands)	March 31, 2019		December 31, 2018

United States	$	34,817	$	25,693
India	20,405		3,154
Luxembourg	15,874		14,975
Philippines	3,551		1,754
Other	344		55

Total	$	74,991	$	45,631

GOODWILL AND INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The change in goodwill during the three months ended March 31, 2019 is as follows:



(in thousands)	Total

Balance as of December 31, 2018	$	81,387
Reclassification to net assets held for sale (Note 3)	(2,378		)
Balance as of March 31, 2019	$	79,009

Intangible Assets, net

Intangible assets, net consist of the following:



	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization						Net book value
(in thousands)	Weighted average estimated useful life (in years)	March 31, 2019		December 31, 2018		March 31, 2019			December 31, 2018			March 31, 2019		December 31, 2018

Definite lived intangible assets:
Customer related intangible assets	8	$	219,797	$	273,172	$	(172,892	)	$	(207,639	)	$	46,905	$	65,533
Operating agreement	20	35,000		35,000		(16,064		)	(15,632		)	18,936		19,368
Trademarks and trade names	15	11,349		11,349		(6,412		)	(6,244		)	4,937		5,105
Non-compete agreements	4	1,230		1,230		(1,103		)	(1,026		)	127		204
Intellectual property	10	300		300		(145		)	(145		)	155		155
Other intangible assets	5	3,745		3,745		(2,645		)	(2,457		)	1,100		1,288

Total		$	271,421	$	324,796	$	(199,261	)	$	(233,143	)	$	72,160	$	91,653

Amortization expense for definite lived intangible assets was $8.6 million and $7.1 million for three months ended March 31, 2019 and 2018, respectively. Expected annual definite lived intangible asset amortization expense for 2019 through 2023 is $19.6 million, $13.3 million, $10.6 million, $5.3 million and $5.3 million, respectively.

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consists of the following:



(in thousands)	March 31, 2019			December 31, 2018

Senior secured term loans	$	338,822		$	338,822
Less: Debt issuance costs, net	(3,685		)	(3,855		)
Less: Unamortized discount, net	(3,338		)	(3,491		)
Net long-term debt	331,799			331,476
Less: Current portion	(9,222		)	—

Long-term debt, less current portion	$	322,577		$	331,476

On April 3, 2018, Altisource Portfolio Solutions S.A. and its wholly-owned subsidiary, Altisource S.à r.l. entered into a credit agreement (the “Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent, and certain lenders. Under the Credit Agreement, Altisource borrowed $412.0 million in the form of Term B Loans and obtained a $15.0 million revolving credit facility. The Term B Loans mature in April 2024 and the revolving credit facility matures in April 2023. Altisource Portfolio Solutions S.A. and certain subsidiaries are guarantors of the term loan and the revolving credit facility (collectively, the “Guarantors”).

Proceeds from the Term B Loans were used to repay the Company’s prior senior secured term loan, which had an outstanding balance of $412.1 million as of April 3, 2018. In connection with the refinancing, we recognized a loss of $4.4 million from the write-off of unamortized debt issuance costs and debt discount in the second quarter of 2018.

There are no mandatory repayments of the Term B Loans due until March 2020, when $9.2 million is due to be repaid. Thereafter, the Term B Loans must be repaid in consecutive quarterly principal installments of $3.1 million, with the balance due at maturity. All amounts outstanding under the Term B Loans will become due on the earlier of (i) April 3, 2024, and (ii) the date on which the loans are declared to be due and owing by the administrative agent at the request (or with the consent) of the Required Lenders (as defined in the Credit Agreement; other capitalized terms, unless defined herein, are defined in the Credit Agreement) or as otherwise provided in the Credit Agreement upon the occurrence of any event of default.

In addition to the scheduled principal payments, subject to certain exceptions, the Term B Loans are subject to mandatory prepayment upon issuances of debt, certain casualty and condemnation events and sales of assets, as well as from a percentage of Consolidated Excess Cash Flow if the leverage ratio is greater than 3.00 to 1.00, as calculated in accordance with the provisions of the Credit Agreement (the percentage increases if the leverage ratio exceeds 3.50 to 1.00). Certain mandatory prepayments reduce future contractual amortization payments in direct order of maturity by an amount equal to the mandatory prepayment.

Altisource may incur incremental indebtedness under the Credit Agreement from one or more incremental lenders, which may include existing lenders, in an aggregate incremental principal amount not to exceed $125.0 million, subject to certain conditions set forth in the Credit Agreement, including a sublimit of $80.0 million with respect to incremental revolving credit commitments. The lenders have no obligation to provide any incremental indebtedness.

The Term B Loans bear interest at rates based upon, at our option, the Adjusted Eurodollar Rate or the Base Rate. Adjusted Eurodollar Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Adjusted Eurodollar Rate for a three month interest period and (y) 1.00% plus (ii) 4.00%. Base Rate term loans bear interest at a rate per annum equal to the sum of (i) the greater of (x) the Base Rate and (y) 2.00% plus (ii) 3.00%. The interest rate as of March 31, 2019 was 6.60%.

Loans under the revolving credit facility bear interest at rates based upon, at our option, the Adjusted Eurodollar Rate or the Base Rate. Adjusted Eurodollar Rate revolving loans bear interest at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate for a three month interest period plus (ii) 4.00%. Base Rate revolving loans bear interest at a rate per annum equal to the sum of (i) the Base Rate plus (ii) 3.00%. The unused commitment fee is 0.50%. There were no borrowings outstanding under the revolving credit facility as of March 31, 2019.

The payment of all amounts owing by Altisource under the Credit Agreement is guaranteed by the Guarantors and is secured by a pledge of all equity interests of certain subsidiaries of Altisource, as well as a lien on substantially all of the assets of Altisource S.à r.l. and the Guarantors, subject to certain exceptions.

The Credit Agreement includes covenants that restrict or limit, among other things, our ability, subject to certain exceptions and baskets, to incur indebtedness; incur liens on our assets; sell, transfer or dispose of assets; make Restricted Junior Payments including share repurchases, dividends and repayment of junior indebtedness; make investments; dispose of equity interests of any Material Subsidiaries; engage in a line of business substantially different than existing businesses and businesses reasonably related, complimentary or ancillary thereto; amend material debt agreements or other material contracts; engage in certain transactions with affiliates; enter into sale/leaseback transactions; grant negative pledges or agree to such other restrictions relating to subsidiary dividends and distributions; make changes to our fiscal year; and engage in mergers and consolidations; and to the extent any Revolving Credit Loans are outstanding on the last day of a fiscal quarter, permit the Total Leverage Ratio to be greater than 3.50:1.00 as of the last day of such fiscal quarter, subject to a customary cure provision (the “Revolving Financial Covenant”).

The Credit Agreement contains certain events of default including (i) failure to pay principal when due or interest or any other amount owing on any other obligation under the Credit Agreement within five days of becoming due, (ii) material incorrectness of representations and warranties when made, (iii) breach of certain other covenants, subject to cure periods described in the Credit Agreement, (iv) a breach of the Revolving Financial Covenant, subject to a customary cure provision and not an Event of Default with respect to the Term Loans unless and until the Required Revolving Lenders accelerate the Revolving Credit Loans, (v) failure to pay principal or interest on any other debt that equals or exceeds $40.0 million when due, (vi) default on any other debt that equals or exceeds $40.0 million that causes, or gives the holder or holders of such debt the ability to cause, an acceleration of such debt, (vii) occurrence of a Change of Control, (viii) bankruptcy and insolvency events, (ix) entry by a court of one or more judgments against us in an amount in excess of $40.0 million that remain unbonded, undischarged or unstayed for a certain number of days after the entry thereof, (x) the occurrence of certain ERISA events and (xi) the failure of certain Loan Documents to be in full force and effect. If any event of default occurs and is not cured within applicable grace periods set forth in the Credit Agreement or waived, all loans and other obligations could become due and immediately payable and the facility could be terminated.

As of March 31, 2019, debt issuance costs were $3.7 million, net of $0.9 million of accumulated amortization. As of December 31, 2018, debt issuance costs were $3.9 million, net of $0.7 million of accumulated amortization.

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS

The following table presents the carrying amount and estimated fair value of financial instruments and certain liabilities measured at fair value as of March 31, 2019 and December 31, 2018. The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:



	March 31, 2019								December 31, 2018
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	51,509	$	51,509	$	—	$	—	$	58,294	$	58,294	$	—	$	—
Restricted cash	3,915		3,915		—		—		5,752		5,752		—		—
Investment in equity securities	38,419		38,419		—		—		36,181		36,181		—		—
Long-term receivable (Note 3)	2,258		—		—		2,258		2,221		—		—		2,221

Liabilities:
Senior secured term loan	338,822		—		328,657		—		338,822		—		330,351		—

Fair Value Measurements on a Recurring Basis

Cash and cash equivalents and restricted cash are carried at amounts that approximate their fair values due to the highly liquid nature of these instruments and were measured using Level 1 inputs.

Investment in equity securities is carried at fair value and consist of 4.1 million shares of RESI common stock. The investment in equity securities is measured using Level 1 inputs as these securities have quoted prices in active markets.

The fair value of our senior secured term loan is based on quoted market prices. Based on the frequency of trading, we do not believe that there is an active market for our debt. Therefore, the quoted prices are considered Level 2 inputs.

In connection with the sale of the rental property management business in August 2018, Altisource will receive $3.0 million on the earlier of a RESI change of control or on August 8, 2023 (see Note 3 for additional information). We measure long-term receivables without a stated interest rate based on the present value of the future payments.

There were no transfers between different levels during the periods presented.

Concentrations of Credit Risk

Financial instruments that subject us to concentrations of credit risk primarily consist of cash and cash equivalents and accounts receivable. Our policy is to deposit our cash and cash equivalents with larger, highly rated financial institutions. The Company derives over 50% of its revenues from Ocwen (see Note 2 for additional information on Ocwen revenues and accounts receivable balance). The Company mitigates its concentrations of credit risk with respect to accounts receivable by actively monitoring past due accounts and the economic status of larger customers, if known.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Share Repurchase Program

On May 15, 2018, our shareholders approved the renewal and replacement of the share repurchase program previously approved by the shareholders on May 17, 2017. Under the program, we are authorized to purchase up to 4.3 million shares of our common stock, based on a limit of 25% of the outstanding shares of common stock on the date of approval, at a minimum price of $1.00 per share and a maximum price of $500.00 per share, for a period of five years from the date of approval. As of March 31, 2019, approximately 3.4 million shares of common stock remain available for repurchase under the program. There were no purchases of shares of common stock during the three months ended March 31, 2019. We purchased 0.4 million shares at an average price of $27.67 per share during the three months ended March 31, 2018. Luxembourg law limits share repurchases to the balance of Altisource Portfolio Solutions S.A. (unconsolidated parent company) retained earnings, less the value of shares repurchased. As of March 31, 2019, we can repurchase up to approximately $107 million of our common stock under Luxembourg law. Our Credit Agreement also limits the amount we can spend on share repurchases, which was approximately $459 million as of March 31, 2019, and may prevent repurchases in certain circumstances.

Share-Based Compensation

We issue share-based awards in the form of stock options, restricted shares and restricted share units for certain employees, officers and directors. We recognized share-based compensation expense of $2.6 million and $2.2 million for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, estimated unrecognized compensation costs related to share-based awards amounted to $17.3 million, which we expect to recognize over a weighted average remaining requisite service period of approximately 1.87 years.

Stock Options

Stock option grants are composed of a combination of service-based, market-based and performance-based options.

Service-Based Options. These options generally vest over three or four years with equal annual vesting and expire on the earlier of ten years after the date of grant or following termination of service. A total of 497 thousand service-based awards were outstanding as of March 31, 2019.

Market-Based Options. These option grants generally have two components, each of which vests only upon the achievement of certain criteria. The first component, which we refer to as “ordinary performance” grants, generally consists of two-thirds of the market-based grant and begins to vest if the stock price is at least double the exercise price, as long as the stock price realizes a compounded annual gain of at least 20% over the exercise price. The remaining third of the market-based options, which we refer to as “extraordinary performance” grants, generally begins to vest if the stock price is at least triple the exercise price, as long as the stock price realizes a compounded annual gain of at least 25% over the exercise price. Market-based awards vest in three or four year installments with the first installment vesting upon the achievement of the criteria and the remaining installments vesting thereafter in equal annual installments. Market-based options generally expire on the earlier of ten years after the date of grant or following termination of service, unless the performance criteria is met prior to termination of service or in the final three years of the option term, in which case vesting will generally continue in accordance with the provisions of the award agreement. A total of 638 thousand market-based awards were outstanding as of March 31, 2019.

Performance-Based Options. These option grants generally begin to vest upon the achievement of certain specific financial measures. Generally, the awards begin vesting if the performance criteria are achieved; one-fourth vests on each anniversary of the grant date. For certain other financial measures, awards cliff-vest upon the achievement of the specific performance during the period from 2019 through 2021. The award of performance-based options is adjusted based on the level of achievement specified in the award agreements. If the performance criteria achieved is above threshold performance levels, participants have the opportunity to vest in 50% to 200% of the option grants, depending upon performance achieved. If the performance criteria achieved is below a certain threshold, the award is canceled. The options expire on the earlier of ten years after the date of grant or following termination of service. There were 506 thousand performance-based awards outstanding as of March 31, 2019.

There were no stock option grants during the three months ended March 31, 2019. Outstanding stock options increased by 228 thousand in February 2019 in connection with the determination of the level of achievement for certain performance-based options granted in 2018. During the three months ended March 31, 2018, 261 thousand stock options (at a weighted average exercise price of $24.95 per share) were granted.

The fair values of the service-based options and performance-based options are determined using the Black-Scholes option pricing model and the fair values of the market-based options were determined using a lattice (binomial) model. The following assumptions were used to determine the fair values as of the grant date:



	Three months ended March 31, 2018
	Black-Scholes	Binomial

Risk-free interest rate (%)	2.66 – 2.70	1.65 – 2.77
Expected stock price volatility (%)	70.31 – 71.81	71.81
Expected dividend yield	—	—
Expected option life (in years)	6.00 – 6.25	2.56 – 4.32
Fair value	$16.17 – $17.15	$15.58 – $18.28

We determined the expected option life of all service-based stock option grants using the simplified method. We use the simplified method because we believe that our historical data does not provide a reasonable basis upon which to estimate expected option life.

The following table summarizes the weighted average grant date fair value of stock options granted per share, the total intrinsic value of stock options exercised and the grant date fair value of stock options that vested during the periods presented:



	Three months ended March 31,
(in thousands, except per share amounts)	2019		2018

Weighted average grant date fair value of stock options granted per share	$	—	$	16.20
Intrinsic value of options exercised	10		4,320
Grant date fair value of stock options that vested	2,182		23

The following table summarizes the activity related to our stock options:



	Number of options		Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2018	1,440,566		$	30.78	5.04	$	945
Performance criteria achieved	227,849		24.98
Exercised	(1,500	)	18.79
Forfeited	(25,583	)	61.40

Outstanding as of March 31, 2019	1,641,332		29.51		5.14	1,339

Exercisable as of March 31, 2019	1,007,222		27.10		3.41	1,270

Other Share-Based Awards

The Company’s other share-based and similar types of awards are composed of restricted shares and, beginning in 2018, restricted share units. The restricted shares and restricted share units are composed of a combination of service-based awards and performance-based awards.

Service-Based Awards. These awards generally vest over one to four years with (a) vesting in equal annual installments, (b) vesting of all of the restricted shares and restricted share units at the end of the vesting period or (c) vesting beginning after two years of service. A total of 631 thousand service-based awards were outstanding as of March 31, 2019.

Performance-Based Awards. These awards generally begin to vest upon the achievement of certain specific financial measures. Generally, the awards begin vesting if the performance criteria are achieved; one-third vests on each anniversary of the grant date or cliff-vest on the third anniversary of the grant date. The number of performance-based restricted shares and restricted share units that may vest will be based on the level of achievement, as specified in the award agreements. If the performance criteria achieved is above certain financial performance levels and Altisource’s share performance is above certain established criteria, participants have the opportunity to vest in up to 225% of the restricted share unit award for certain awards, depending on performance achieved. If the performance criteria achieved is below a certain threshold, the award is canceled. A total of 140 thousand performance-based awards were outstanding as of March 31, 2019.

The Company granted 359 thousand restricted share units (at a weighted average grant date fair value of $25.02 per share) during three months ended March 31, 2019.

The following table summarizes the activity related to our restricted shares and restricted share units:



	Number of restricted shares and restricted share units

Outstanding as of December 31, 2018	485,806
Granted	358,978
Issued	(31,025	)
Forfeited/canceled	(43,231	)

Outstanding as of March 31, 2019	770,528

REVENUE

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

REVENUE

We classify revenue in three categories: service revenue, revenue from reimbursable expenses and non-controlling interests. Service revenue consists of amounts attributable to our fee-based services and sales of short-term investments in real estate. Reimbursable expenses and non-controlling interests are pass-through items for which we earn no margin. Reimbursable expenses consist of amounts we incur on behalf of our customers in performing our fee-based services that we pass directly on to our customers without a markup. Non-controlling interests represent the earnings of Lenders One, a consolidated entity that is a mortgage cooperative managed, but not owned, by Altisource. Lenders One is included in revenue and reduced from net income to arrive at net income attributable to Altisource (see Note 1). Our services are primarily provided to customers located in the United States. The components of revenue were as follows for the three months ended March 31:



(in thousands)	2019		2018

Service revenue	$	164,999	$	188,766
Reimbursable expenses	4,496		8,147
Non-controlling interests	440		525

Total	$	169,935	$	197,438

Disaggregation of Revenue

Disaggregation of total revenues by major source is as follows:



(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Three months ended March 31, 2019	$	147,755	$	17,684	$	4,496	$	169,935
Three months ended March 31, 2018	166,956		22,335		8,147		197,438

Contract Balances

Our contract assets consist of unbilled accounts receivable (see Note 5). Our contract liabilities consist of current deferred revenue as reported on the accompanying condensed consolidated balance sheets and non-current deferred revenue (see Note 13). Revenue recognized that was included in the contract liability at the beginning of the period, including amounts added to the contract liability as part of the cumulative effect of adopting Topic 606, was $4.9 million and $5.9 million for the three months ended March 31, 2019 and 2018, respectively.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER OPERATING EXPENSES

3 Months Ended

Mar. 31, 2019

Selling, General and Administrative Expense [Abstract]

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER OPERATING EXPENSES

Selling, general and administrative expenses include payroll and employee benefits associated with personnel employed in executive, finance, law, compliance, human resources, vendor management, facilities, risk management, sales and marketing roles. This category also includes professional services fees, occupancy costs, marketing costs, depreciation and amortization of non-operating assets and other expenses. The components of selling, general and administrative expenses were as follows for three months ended March 31:



(in thousands)	2019		2018

Compensation and benefits	$	11,353	$	13,569
Amortization of intangible assets	8,647		7,147
Occupancy related costs	3,908		8,434
Marketing costs	2,932		3,607
Professional services	5,476		3,226
Depreciation and amortization	4,313		2,268
Other	4,611		4,873

Total	$	41,240	$	43,124

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the assumed conversion of all dilutive securities using the treasury stock method.

Basic and diluted EPS are calculated as follows for the three months ended March 31:



(in thousands, except per share data)	2019			2018

Net loss attributable to Altisource	$	(3,184	)	$	(4,132	)

Weighted average common shares outstanding, basic	16,292			17,378

Weighted average common shares outstanding, diluted	16,292			17,378

Loss per share:
Basic	$	(0.20	)	$	(0.24	)
Diluted	$	(0.20	)	$	(0.24	)

For the three months ended March 31, 2019 and 2018, 0.3 million options in each period were anti-dilutive and have been excluded from the computation of diluted EPS because their exercise price was greater than the average market price of our common stock. Also excluded from the computation of diluted EPS are 0.8 million options, restricted share units and restricted shares for the three months ended March 31, 2019 and 0.6 million options for the three months ended March 31, 2018, which begin to vest upon the achievement of certain market criteria related to our common stock price, performance criteria and an annualized rate of return to shareholders that have not yet been met. Furthermore, as a result of the net loss attributable to Altisource for the three months ended March 31, 2019 and 2018, 0.3 million and 0.5 million, respectively, of total options, restricted share units and restricted shares were excluded from the computation of diluted EPS, as their impact was anti-dilutive.

RESTRUCTURING CHARGES	3 Months Ended
RESTRUCTURING CHARGES	Mar. 31, 2019
Restructuring Charges [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES In August 2018, Altisource initiated Project Catalyst, a project intended to optimize our operations and reduce costs to better align our cost structure with our anticipated revenues and improve our operating margins. During the three months ended March 31, 2019, we incurred $4.4 million of severance costs and professional services fees related to the reorganization plan (no comparative amount for the three months ended March 31, 2018). We expect to incur additional severance and related costs through 2019 in connection with this internal reorganization and will expense those costs as incurred. Based on our analysis, we currently anticipate the future costs relating to the internal reorganization plan to be in the range of approximately $13 million to $17 million.

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS

We record a liability for contingencies if an unfavorable outcome is probable and the amount of loss can be reasonably estimated, including expected insurance coverage. For proceedings where the reasonable estimate of loss is a range, we record a best estimate of loss within the range.

Litigation

We are currently involved in legal actions in the course of our business, some of which seek monetary damages. We do not believe that the outcome of these proceedings, both individually and in the aggregate, will have a material impact on our financial condition, results of operations or cash flows.

Regulatory Matters

Periodically, we are subject to audits, examinations and investigations by federal, state and local governmental authorities and receive subpoenas, civil investigative demands or other requests for information from such governmental authorities in connection with their regulatory or investigative authority. We are currently responding to such inquiries from governmental authorities relating to certain aspects of our business. We believe it is premature to predict the potential outcome or to estimate any potential financial impact in connection with these inquiries.

Sales Taxes

On June 21, 2018, the United States Supreme Court rendered a 5-4 majority decision in South Dakota v. Wayfair, Inc., holding that a state may require a remote seller with no physical presence in the state to collect and remit sales tax on goods and services provided to purchasers in the state, overturning certain existing court precedent. During the three months ended March 31, 2019, the Company completed the analysis of its services for potential exposure to sales tax in various jurisdictions in the United States. The Company recognized a $2.1 million loss for the three months ended March 31, 2019 (no comparative amount for the three months ended March 31, 2018) in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss, in addition to the $6.2 million loss recorded in 2018. The Company began invoicing, collecting and remitting sales tax in applicable jurisdictions in 2019. The Company is also in the process of seeking reimbursement for sales tax payments from clients; however, there can be no assurance that the Company will be successful in collecting some or all of such reimbursements. Future changes in our estimated sales tax exposure could result in a material adjustment to our condensed consolidated financial statements which would impact our financial condition and results of operations.

Ocwen Related Matters

As discussed in Note 2, during the three months ended March 31, 2019, Ocwen was our largest customer, accounting for 58% of our total revenue. Additionally, 7% of our revenue for the three months ended March 31, 2019 was earned on the loan portfolios serviced by Ocwen, when a party other than Ocwen or the MSR owner selected Altisource as the service provider.

Ocwen has disclosed that it is subject to a number of ongoing federal and state regulatory examinations, cease and desist orders, consent orders, inquiries, subpoenas, civil investigative demands, requests for information and other actions and is subject to pending legal proceedings, some of which include claims against Ocwen for substantial monetary damages. For example, on May 15, 2017, Ocwen disclosed that on April 20, 2017, the Consumer Financial Protection Bureau and the State of Florida filed separate complaints in the United States District Court for the Southern District of Florida against Ocwen alleging violations of Federal consumer financial law and, in the case of Florida, Florida statutes. Ocwen disclosed that the complaints seek to obtain permanent injunctive relief, consumer redress, refunds, restitution, disgorgement, damages, civil penalties, costs and fees and other relief. The foregoing or other matters could result in, and in some cases, have resulted in, adverse regulatory or other actions against Ocwen. Previous regulatory actions against Ocwen resulted in subjecting Ocwen to independent oversight of its operations and placing certain restrictions on its ability to acquire servicing rights.

In addition to the above, Ocwen may become subject to future federal and state regulatory investigations, cease and desist orders, consent orders, inquiries, subpoenas, civil investigative demands, requests for information, other matters or legal proceedings, any of which could also result in adverse regulatory or other actions against Ocwen.

Ocwen has disclosed that NRZ is its largest client. As of December 31, 2018, NRZ owned MSRs or rights to MSRs relating to approximately 57% of loans serviced and subserviced by Ocwen (measured in UPB). In July 2017 and January 2018, Ocwen and NRZ entered into a series of agreements pursuant to which the parties agreed, among other things, to undertake certain actions to facilitate the transfer from Ocwen to NRZ of Ocwen’s legal title to the Subject MSRs and under which Ocwen will subservice mortgage loans underlying the Subject MSRs for an initial term of five years. NRZ can terminate its sub-servicing agreement with Ocwen in exchange for the payment of a termination fee.

The foregoing may have significant adverse effects on Ocwen’s business and/or our continuing relationship with Ocwen. For example, Ocwen may be required to alter the way it conducts business, including the parties it contracts with for services (including IT and software services), it may be required to seek changes to its existing pricing structure with us, it may lose its non-government-sponsored enterprise (“GSE”) servicing rights or subservicing arrangements or may lose one or more of its state servicing or origination licenses. Additional regulatory actions or adverse financial developments may impose additional restrictions on or require changes in Ocwen’s business that could require it to sell assets or change its business operations. Any or all of these effects could result in our eventual loss of Ocwen as a customer or a reduction in the number and/or volume of services they purchase from us or the loss of other customers.

If any of the following events occurred, Altisource’s revenue could be significantly lower and our results of operations could be materially adversely affected, including from the possible impairment or write-off of goodwill, intangible assets, property and equipment, other assets and accounts receivable:


•	Altisource loses Ocwen as a customer or there is a significant reduction in the volume of services they purchase from us


•	Ocwen loses, sells or transfers a significant portion or all of its remaining non-GSE servicing rights or subservicing arrangements and Altisource fails to be retained as a service provider


•	Ocwen loses state servicing licenses in states with a significant number of loans in Ocwen’s servicing portfolio


•	The contractual relationship between Ocwen and Altisource changes significantly or there are significant changes to our pricing to Ocwen for services from which we generate material revenue


•	Altisource otherwise fails to be retained as a service provider

Management cannot predict whether any of these events will occur or the amount of any impact they may have on Altisource. However, in the event one or more of these events materially negatively impact Altisource, we believe the variable nature of our cost structure would allow us to realign our cost structure in line with remaining revenue. Furthermore, in the event of a significant reduction in the volume of services purchased or loan portfolios serviced by Ocwen (such as a transfer of Ocwen’s remaining servicing rights to a successor servicer), we believe the impact to Altisource could occur over an extended period of time. During this period, we believe that we will continue to generate revenue from all or a portion of Ocwen’s loan portfolios.

We are focused on diversifying and growing our revenue and customer base and we have a sales and marketing strategy to support our businesses. Management believes our plans, together with current liquidity and cash flows from operations, would be sufficient to meet our working capital, capital expenditures, debt service and other cash needs. However, there can be no assurance that our plans will be successful or our operations will be profitable.

Leases

We lease certain premises and equipment, primarily consisting of office space and information technology equipment. Effective January 1, 2019, we adopted the provisions of Topic 842, resulting in recognition of $42.1 million of right-to-use assets in premises and equipment, net and $45.5 million of lease obligation liabilities (see Note 1). Certain of our leases include options to renew at our discretion or terminate leases early, and these options are considered in our determination of the expected lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation. Our lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. We sublease certain office space to third parties. Sublease income was $0.4 million and $0.5 million for the three months ended March 31, 2019 and 2018, respectively. The depreciable life of right-to-use assets are generally limited by the expected lease term. Our leases generally have expected lease terms at adoption of one to six years.

Information about our lease terms and our discount rate assumption is as follows:



	As of March 31, 2019

Weighted average remaining lease term (in years)	3.36
Weighted average discount rate	7.25	%

Our lease activity during the period is as follows:



(in thousands)	Three months ended March 31, 2019

Operating lease costs:
Selling, general and administrative expense	$	2,880
Cost of revenue	858

Cash used in operating activities for amounts included in the measurement of lease liabilities	4,737
Short-term (less than one year) lease costs	1,157

Maturities of our lease liabilities as of March 31, 2019 are as follows:



(in thousands)	Operating lease liabilities

2019	$	13,130
2020	14,583
2021	9,593
2022	5,694
2023	3,465
Thereafter	1,330
Total lease payments	47,795
Less interest	(5,596		)
Present value of lease liabilities	$	42,199

Escrow and Trust Balances

We hold customers’ assets in escrow and trust accounts at various financial institutions pending completion of certain real estate activities. We also hold cash in trust accounts at various financial institutions where contractual obligations mandate maintaining dedicated bank accounts for our asset recovery management business’s collections. These amounts are held in escrow and trust accounts for limited periods of time and are not included in the accompanying condensed consolidated balance sheets. Amounts held in escrow and trust accounts were $25.0 million and $23.6 million as of March 31, 2019 and December 31, 2018, respectively.

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the interim data includes all normal recurring adjustments considered necessary to fairly state the results for the interim periods presented. The preparation of interim condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of our interim condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Intercompany transactions and accounts have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. Effective January 1, 2019, the Company reorganized its internal reporting structure in connection with Project Catalyst, a project initiated in August 2018 to optimize our operations and reduce costs to better align our cost structure with our anticipated revenues and improve our operating margins (see Note 21). The internal reorganization included, among other changes, the replacement of segment presidents with a chief operating officer, who is responsible for products, services and operations for the Company’s Mortgage Market and Real Estate Market businesses, reporting to our Chief Executive Officer (our chief operating decision maker) who manages our businesses, regularly reviews operating results and profitability, allocates resources and evaluates performance on a consolidated basis. Prior to January 1, 2019, the Company reported our operations through two reportable segments: Mortgage Market and Real Estate Market. In addition, we reported Other Businesses, Corporate and Eliminations separately. The prior year presentation has been reclassified to conform to the current year presentation. Altisource consolidates Best Partners Mortgage Cooperative, Inc., which is managed by The Mortgage Partnership of America, L.L.C. (“MPA”), a wholly-owned subsidiary of Altisource. Best Partners Mortgage Cooperative, Inc. is a mortgage cooperative doing business as Lenders One^® (“Lenders One”). MPA provides services to Lenders One under a management agreement that ends on December 31, 2025 (with renewals for three successive five-year periods at MPA’s option). The management agreement between MPA and Lenders One, pursuant to which MPA is the management company, represents a variable interest in a variable interest entity. MPA is the primary beneficiary of Lenders One as it has the power to direct the activities that most significantly impact the cooperative’s economic performance and the right to receive benefits from the cooperative. As a result, Lenders One is presented in the accompanying condensed consolidated financial statements on a consolidated basis and the interests of the members are reflected as non-controlling interests.
Fair Value Measurements	Fair Value Measurements Fair value is defined as an exit price, representing the amount that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1 — Quoted prices in active markets for identical assets and liabilities Level 2 — Observable inputs other than quoted prices included in Level 1 Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets or liabilities. Financial assets and financial liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Our assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.
Recently Adopted and Future Adoption of New Accounting Pronouncements	Recently Adopted Accounting Pronouncement In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) and in July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements (collectively “Topic 842”). Topic 842 introduces a new lessee model that brings substantially all leases on the balance sheet. This standard requires lessees to recognize lease assets and lease liabilities on their balance sheets and disclose key information about leasing arrangements in their financial statements. The Company adopted Topic 842 effective January 1, 2019 using the modified retrospective transition approach. In addition, the Company elected the practical expedients permitted under the transition guidance within the new standard, including allowing the Company to carry forward its historical lease classification, using hindsight to determine the lease term for existing leases, combining fixed lease and non-lease components and excluding short-term leases. Adoption of this new standard resulted in the recognition of $42.1 million of right-to-use assets in premises and equipment, net, $45.5 million of lease obligation liabilities ($16.7 million in other current liabilities and $28.8 million in other non-current liabilities) and reduced accrued rent and lease incentives of $3.4 million in accounts payable and accrued expenses and other non-current liabilities on the accompanying condensed consolidated balance sheets. Future Adoption of New Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This standard will simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Current guidance requires that companies compute the implied fair value of goodwill under Step 2 by performing procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. This standard will require companies to perform annual or interim goodwill impairment tests by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period, and will be applied prospectively. Early adoption of this standard is permitted. The Company is currently evaluating the impact this guidance may have on its condensed consolidated financial statements; however, adoption of this standard as of March 31, 2019 would not have had any impact on the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This standard modifies certain disclosure requirements such as the valuation processes for Level 3 fair value measurements. This standard also requires new disclosures such as the disclosure of certain assumptions used to develop significant unobservable inputs for Level 3 fair value measurements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of either the entire standard or only the provisions that eliminate or modify requirements is permitted. The Company currently does not expect the adoption of this guidance to have an impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). This standard aligns the requirements for capitalizing implementation costs in a hosting arrangement service contract with the existing guidance for capitalizing implementation costs incurred for an internal-use software license. This standard also requires capitalizing or expensing implementation costs based on the nature of the costs and the project stage during which they are incurred and establishes additional disclosure requirements. This standard will be effective for annual periods beginning after December 15, 2019, including interim periods within that reporting period. Early adoption of this standard is permitted. The Company currently plans to adopt the standard prospectively and is currently evaluating the impact this guidance may have on its condensed consolidated financial statements.

SALE OF BUSINESS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables)

3 Months Ended

Mar. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Disclosure of assets and liabilities held-for-sale



(in thousands)	March 31, 2019

Accounts receivable, net	$	6,586
Prepaid expenses and other current assets	2,209
Premises and equipment, net	4,073
Goodwill	2,378
Intangible assets, net	10,846
Other assets	465
Total assets held for sale	$	26,557

Accounts payable and accrued expenses	$	4,680
Other current liabilities	1,661
Other non-current liabilities	2,395
Total liabilities held for sale	$	8,736

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2019

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following:



(in thousands)	March 31, 2019		December 31, 2018

Maintenance agreements, current portion	$	3,939	$	5,600
Income taxes receivable	11,880		7,940
Prepaid expenses	6,903		7,484
Other current assets	6,570		9,696

Total	$	29,292	$	30,720

PREMISES AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2019

Property, Plant and Equipment [Abstract]

Schedule of premises and equipment, net

Premises and equipment, net consists of the following:



(in thousands)	March 31, 2019			December 31, 2018

Computer hardware and software	$	177,868		$	182,215
Office equipment and other	5,264			7,384
Furniture and fixtures	12,222			13,313
Leasehold improvements	26,925			29,781
	222,279			232,693
Less: Accumulated depreciation and amortization	(182,882		)	(187,062		)
Net	39,397			45,631

Right-to-use assets under operating leases	39,046			—
Less: Accumulated depreciation and amortization	(3,452		)	—
Net right-to-use assets	35,594			—

Total premises and equipment, net	$	74,991		$	45,631

Schedule of premises and equipment, net by country

Premises and equipment, net consist of the following, by country:



(in thousands)	March 31, 2019		December 31, 2018

United States	$	34,817	$	25,693
India	20,405		3,154
Luxembourg	15,874		14,975
Philippines	3,551		1,754
Other	344		55

Total	$	74,991	$	45,631

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill

The change in goodwill during the three months ended March 31, 2019 is as follows:



(in thousands)	Total

Balance as of December 31, 2018	$	81,387
Reclassification to net assets held for sale (Note 3)	(2,378		)
Balance as of March 31, 2019	$	79,009

Schedule of intangible assets, net

Intangible assets, net consist of the following:



	Weighted average estimated useful life (in years)	Gross carrying amount				Accumulated amortization						Net book value
(in thousands)	Weighted average estimated useful life (in years)	March 31, 2019		December 31, 2018		March 31, 2019			December 31, 2018			March 31, 2019		December 31, 2018

Definite lived intangible assets:
Customer related intangible assets	8	$	219,797	$	273,172	$	(172,892	)	$	(207,639	)	$	46,905	$	65,533
Operating agreement	20	35,000		35,000		(16,064		)	(15,632		)	18,936		19,368
Trademarks and trade names	15	11,349		11,349		(6,412		)	(6,244		)	4,937		5,105
Non-compete agreements	4	1,230		1,230		(1,103		)	(1,026		)	127		204
Intellectual property	10	300		300		(145		)	(145		)	155		155
Other intangible assets	5	3,745		3,745		(2,645		)	(2,457		)	1,100		1,288

Total		$	271,421	$	324,796	$	(199,261	)	$	(233,143	)	$	72,160	$	91,653

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2019

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consist of the following:



(in thousands)	March 31, 2019		December 31, 2018

Accounts payable	$	20,908	$	27,853
Accrued expenses - general	24,442		27,866
Accrued salaries and benefits	19,156		31,356
Income taxes payable	32		165

Total	$	64,538	$	87,240

Schedule of other current liabilities

Other current liabilities consist of the following:



(in thousands)	March 31, 2019		December 31, 2018

Unfunded cash account balances	$	3,906	$	4,932
Lease obligation liabilities	15,098		—
Other	1,739		2,098

Total	$	20,743	$	7,030

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consists of the following:



(in thousands)	March 31, 2019			December 31, 2018

Senior secured term loans	$	338,822		$	338,822
Less: Debt issuance costs, net	(3,685		)	(3,855		)
Less: Unamortized discount, net	(3,338		)	(3,491		)
Net long-term debt	331,799			331,476
Less: Current portion	(9,222		)	—

Long-term debt, less current portion	$	322,577		$	331,476

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair value measurements, recurring and nonrecurring

The following fair values are estimated using market information and what the Company believes to be appropriate valuation methodologies under GAAP:



	March 31, 2019								December 31, 2018
(in thousands)	Carrying amount		Fair value						Carrying amount		Fair value
			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	51,509	$	51,509	$	—	$	—	$	58,294	$	58,294	$	—	$	—
Restricted cash	3,915		3,915		—		—		5,752		5,752		—		—
Investment in equity securities	38,419		38,419		—		—		36,181		36,181		—		—
Long-term receivable (Note 3)	2,258		—		—		2,258		2,221		—		—		2,221

Liabilities:
Senior secured term loan	338,822		—		328,657		—		338,822		—		330,351		—

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of assumptions used to determine the fair value of options as of the grant date

The following assumptions were used to determine the fair values as of the grant date:



	Three months ended March 31, 2018
	Black-Scholes	Binomial

Risk-free interest rate (%)	2.66 – 2.70	1.65 – 2.77
Expected stock price volatility (%)	70.31 – 71.81	71.81
Expected dividend yield	—	—
Expected option life (in years)	6.00 – 6.25	2.56 – 4.32
Fair value	$16.17 – $17.15	$15.58 – $18.28

Summary of the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested



	Three months ended March 31,
(in thousands, except per share amounts)	2019		2018

Weighted average grant date fair value of stock options granted per share	$	—	$	16.20
Intrinsic value of options exercised	10		4,320
Grant date fair value of stock options that vested	2,182		23

Summary of the activity of the entity's stock options

The following table summarizes the activity related to our stock options:



	Number of options		Weighted average exercise price		Weighted average contractual term (in years)	Aggregate intrinsic value (in thousands)

Outstanding as of December 31, 2018	1,440,566		$	30.78	5.04	$	945
Performance criteria achieved	227,849		24.98
Exercised	(1,500	)	18.79
Forfeited	(25,583	)	61.40

Outstanding as of March 31, 2019	1,641,332		29.51		5.14	1,339

Exercisable as of March 31, 2019	1,007,222		27.10		3.41	1,270

Restricted stock and restricted stock units activity

The following table summarizes the activity related to our restricted shares and restricted share units:



	Number of restricted shares and restricted share units

Outstanding as of December 31, 2018	485,806
Granted	358,978
Issued	(31,025	)
Forfeited/canceled	(43,231	)

Outstanding as of March 31, 2019	770,528

REVENUE (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Schedule of revenue

The components of revenue were as follows for the three months ended March 31:



(in thousands)	2019		2018

Service revenue	$	164,999	$	188,766
Reimbursable expenses	4,496		8,147
Non-controlling interests	440		525

Total	$	169,935	$	197,438

Disaggregation of revenue

Disaggregation of total revenues by major source is as follows:



(in thousands)	Revenue recognized when services are performed or assets are sold		Revenue related to technology platforms and professional services		Reimbursable expenses revenue		Total revenue

Three months ended March 31, 2019	$	147,755	$	17,684	$	4,496	$	169,935
Three months ended March 31, 2018	166,956		22,335		8,147		197,438

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Tables)

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Lease term and assumption

Information about our lease terms and our discount rate assumption is as follows:



	As of March 31, 2019

Weighted average remaining lease term (in years)	3.36
Weighted average discount rate	7.25	%

Lease activity during period

Our lease activity during the period is as follows:



(in thousands)	Three months ended March 31, 2019

Operating lease costs:
Selling, general and administrative expense	$	2,880
Cost of revenue	858

Cash used in operating activities for amounts included in the measurement of lease liabilities	4,737
Short-term (less than one year) lease costs	1,157

Maturities of operating lease liabilities

Maturities of our lease liabilities as of March 31, 2019 are as follows:



(in thousands)	Operating lease liabilities

2019	$	13,130
2020	14,583
2021	9,593
2022	5,694
2023	3,465
Thereafter	1,330
Total lease payments	47,795
Less interest	(5,596		)
Present value of lease liabilities	$	42,199

ORGANIZATION AND BASIS OF PRESENTATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($) segment	Mar. 31, 2019 USD ($)	Jan. 01, 2019 USD ($)
Summary of significant accounting policies
Number of reporting segments \| segment	2
Right-to-use assets			$ 42,100
Lease obligation liabilities			45,500
Lease obligation liabilities, other current	$ 0	$ 15,098	16,700
Lease obligation liabilities, other noncurrent	0	23,202	28,800
Reduction accrued rent and lease incentives, effect of adopting accounting standard			$ 3,400
Lenders One
Summary of significant accounting policies
Total assets	2,700	2,000
Total liabilities	$ 1,300	$ 900

CUSTOMER CONCENTRATION (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended
CUSTOMER CONCENTRATION (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 31, 2018	Jul. 31, 2017	Mar. 31, 2019	Mar. 31, 2018
Concentration Risk
Revenue				$ 169,935	$ 197,438
Service revenue
Concentration Risk
Revenue				164,999	188,766
Ocwen \| NRZ
Concentration Risk
Subservice transferred subject MSRs, initial term		5 years	5 years
Ocwen \| REALServicing \| Service revenue
Concentration Risk
Revenue				8,200	$ 9,600
Customer Concentration Risk \| Ocwen
Concentration Risk
Accounts receivable	$ 15,200			13,300
Customer Concentration Risk \| Ocwen \| Billed
Concentration Risk
Accounts receivable	11,600			9,900
Customer Concentration Risk \| Ocwen \| Unbilled
Concentration Risk
Accounts receivable	$ 3,600			$ 3,400
Customer Concentration Risk \| Ocwen \| Revenue
Concentration Risk
Percentage of revenue from largest customer				58.00%	52.00%
Revenue				$ 98,300	$ 102,000
Customer Concentration Risk \| Ocwen \| Revenue \| NRZ
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client	57.00%
Customer Concentration Risk \| Highly Correlated - Ocwen \| Revenue
Concentration Risk
Percentage of revenue from largest customer				7.00%
Revenue				$ 11,100	15,200
Customer Concentration Risk \| NRZ \| Revenue
Concentration Risk
Revenue				4,000	10,300
Customer Concentration Risk \| Highly Correlated - NRZ \| Revenue
Concentration Risk
Revenue				$ 17,700	$ 16,100

SALE OF BUSINESS AND ASSETS AND LIABILITIES HELD FOR SALE (Details) - Discontinued Operations, Disposed of by Sale - USD ($)		3 Months Ended
	Aug. 08, 2018	Sep. 30, 2019	Mar. 31, 2019	Mar. 28, 2019	Dec. 31, 2018
Rental Property Management Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds from the sale of business			$ 18,000,000
Proceeds from the sale of business, first installment	$ 15,000,000
Future proceeds from the sale of business, second installment			3,000,000
Long-term receivable (discounted value)			$ 2,258,000		$ 2,221,000
Financial Services Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total proceeds from the sale of business				$ 44,000,000
Up-front payment included in consideration, subject to working capital adjustment upon closing of the sale				40,000,000
Additional payment to be received on one-year anniversary of the sale closing				$ 4,000,000
Financial Services Business \| Scenario, Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated pretax gain from sale (more than)		$ 20,000,000

SALE OF BUSINESS AND ASSETS AND LIABILITIES HELD FOR SALE - Assets and Liabilities Held-for-sale (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale	$ 26,557	$ 0
Total liabilities held for sale	8,736	$ 0
Financial Services Business \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts receivable, net	6,586
Prepaid expenses and other current assets	2,209
Premises and equipment, net	4,073
Goodwill	2,378
Intangible assets, net	10,846
Other assets	465
Total assets held for sale	26,557
Accounts payable and accrued expenses	4,680
Other current liabilities	1,661
Other non-current liabilities	2,395
Total liabilities held for sale	$ 8,736

INVESTMENT IN EQUITY SECURITIES (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2016	Dec. 31, 2018
Marketable Securities [Line Items]
Number of investment shares acquired (in shares)			4.1
Investment in equity securities	$ 38,419			$ 36,181
Unrealized gain (loss) from change in fair value	2,238	$ (7,501)
Investment income, dividend	$ 600	$ 600
Maximum allowable increase, percent	50.00%
Maximum
Marketable Securities [Line Items]
Investment shares, transfer restrictions, percent (no more than)	25.00%

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable, net
Accounts receivable, gross	$ 38,748	$ 47,349
Less: Allowance for doubtful accounts	(10,114)	(10,883)
Total	28,634	36,466
Billed
Accounts receivable, net
Accounts receivable, gross	27,968	35,590
Unbilled
Accounts receivable, net
Accounts receivable, gross	$ 10,780	$ 11,759

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Maintenance agreements, current portion	$ 3,939	$ 5,600
Income taxes receivable	11,880	7,940
Prepaid expenses	6,903	7,484
Other current assets	6,570	9,696
Total	$ 29,292	$ 30,720

DISCONTINUATION OF THE BUY-RENOVATE-LEASE-SELL BUSINESS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Repayment of debt	$ 0		$ 1,486
Buy-Renovate-Lease-Sell Business \| Real Estate Market \| Term B Loans
Debt Instrument [Line Items]
Repayment of debt		$ 49,900

PREMISES AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	$ 222,279		$ 232,693
Total premises and equipment, net	74,991		45,631
Depreciation and amortization expense	9,369	$ 8,721
Computer hardware and software
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	177,868		182,215
Office equipment and other
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	5,264		7,384
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	12,222		13,313
Leasehold improvements
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	26,925		29,781
Excluding Right-to-use Assets
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation and amortization	(182,882)		(187,062)
Total premises and equipment, net	39,397		$ 45,631
Right-to-use Assets
Property, Plant and Equipment [Line Items]
Premises and equipment, gross	39,046
Less: Accumulated depreciation and amortization	(3,452)
Total premises and equipment, net	$ 35,594

PREMISES AND EQUIPMENT, NET - Summary by Country (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total	$ 74,991	$ 45,631
United States
Property, Plant and Equipment [Line Items]
Total	34,817	25,693
India
Property, Plant and Equipment [Line Items]
Total	20,405	3,154
Luxembourg
Property, Plant and Equipment [Line Items]
Total	15,874	14,975
Philippines
Property, Plant and Equipment [Line Items]
Total	3,551	1,754
Other
Property, Plant and Equipment [Line Items]
Total	$ 344	$ 55

GOODWILL AND INTANGIBLE ASSETS, NET - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 81,387
Reclassification to net assets held for sale (Note 3)	(2,378)
Ending Balance	$ 79,009

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible assets, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Intangible Assets, Net
Gross carrying amount	$ 271,421		$ 324,796
Accumulated amortization	(199,261)		(233,143)
Net book value	72,160		91,653
Amortization expense for definite lived intangible assets	8,647	$ 7,147
2019	19,600
2020	13,300
2021	10,600
2022	5,300
2023	5,300
Customer related intangible assets
Intangible Assets, Net
Gross carrying amount	219,797		273,172
Accumulated amortization	(172,892)		(207,639)
Net book value	46,905		65,533
Operating agreement
Intangible Assets, Net
Gross carrying amount	35,000		35,000
Accumulated amortization	(16,064)		(15,632)
Net book value	18,936		19,368
Trademarks and trade names
Intangible Assets, Net
Gross carrying amount	11,349		11,349
Accumulated amortization	(6,412)		(6,244)
Net book value	4,937		5,105
Non-compete agreements
Intangible Assets, Net
Gross carrying amount	1,230		1,230
Accumulated amortization	(1,103)		(1,026)
Net book value	127		204
Intellectual property
Intangible Assets, Net
Gross carrying amount	300		300
Accumulated amortization	(145)		(145)
Net book value	155		155
Other intangible assets
Intangible Assets, Net
Gross carrying amount	3,745		3,745
Accumulated amortization	(2,645)		(2,457)
Net book value	$ 1,100		$ 1,288
Weighted Average \| Customer related intangible assets
Intangible Assets, Net
Weighted average estimated useful life (in years)	8 years
Weighted Average \| Operating agreement
Intangible Assets, Net
Weighted average estimated useful life (in years)	20 years
Weighted Average \| Trademarks and trade names
Intangible Assets, Net
Weighted average estimated useful life (in years)	15 years
Weighted Average \| Non-compete agreements
Intangible Assets, Net
Weighted average estimated useful life (in years)	4 years
Weighted Average \| Intellectual property
Intangible Assets, Net
Weighted average estimated useful life (in years)	10 years
Weighted Average \| Other intangible assets
Intangible Assets, Net
Weighted average estimated useful life (in years)	5 years

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Security deposits	$ 3,575	$ 3,972
Restricted cash	3,915	5,752
Other	2,704	2,682
Total	$ 10,194	$ 12,406

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accounts payable	$ 20,908	$ 27,853
Accrued expenses - general	24,442	27,866
Accrued salaries and benefits	19,156	31,356
Income taxes payable	32	165
Total	$ 64,538	$ 87,240

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other current liabilities
Unfunded cash account balances	$ 3,906		$ 4,932
Lease obligation liabilities	15,098	$ 16,700	0
Other	1,739		2,098
Total	$ 20,743		$ 7,030

LONG-TERM DEBT (Details)		3 Months Ended
LONG-TERM DEBT (Details)	Apr. 03, 2018 USD ($)	Mar. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Less: Debt issuance costs, net		$ (3,685,000)		$ (3,855,000)
Less: Unamortized discount, net		(3,338,000)		(3,491,000)
Net long-term debt		331,799,000		331,476,000
Less: Current portion		(9,222,000)		0
Long-term debt, less current portion		322,577,000		331,476,000
Current portion of long-term debt		9,222,000		0
Aggregate amount of each consecutive quarterly scheduled principal installment		3,100,000
Debt issuance costs, net		3,685,000		3,855,000
Accumulated amortization		$ 900,000		700,000
Term B loans
Debt Instrument [Line Items]
Leverage ratio to avoid mandatory prepayments under the Credit Agreement (maximum)	3.0
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)	3.50
Interest rate at the end of the period (as a percent)		6.60%
Term B loans \| Minimum
Debt Instrument [Line Items]
Leverage ratio to avoid mandatory prepayments under the Credit Agreement (maximum)	1.00
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)	1.00
Term B loans \| Maximum
Debt Instrument [Line Items]
Amount of principal or interest if failed to pay considered as event of default	$ 40,000,000.000
Amount of debt which results in acceleration of debt if failed to pay considered as event of default	40,000,000.000
Amount of unbonded, undischarged or unstayed debt under entry by court of one or more judgments for certain period to determine as event of default	$ 40,000,000.000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Leverage ratio at which mandatory prepayments increase under the Credit Agreement (exceeds)	3.5
Prior senior secured term loan
Debt Instrument [Line Items]
Senior secured term loans	$ 412,100,000	$ 338,822,000		$ 338,822,000
Write-off of unamortized debt issuance costs and debt discount			$ 4,400,000
April 3, 2018 Credit Agreement
Debt Instrument [Line Items]
Debt instrument accordion feature, potential increase in additional borrowings	125,000,000
April 3, 2018 Credit Agreement \| Term B loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 412,000,000
April 3, 2018 Credit Agreement \| Term B loans \| Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate	1.00%
Interest rate margin (as a percent)	4.00%
April 3, 2018 Credit Agreement \| Term B loans \| Base Rate
Debt Instrument [Line Items]
Debt instrument fixed base rate	2.00%
Interest rate margin (as a percent)	3.00%
April 3, 2018 Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Senior secured term loans		$ 0
Debt instrument, face amount	$ 15,000,000
Debt instrument accordion feature, potential increase in additional borrowings	$ 80,000,000
Unused commitment fee (as a percent)	0.50%
April 3, 2018 Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Adjusted Eurodollar Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	4.00%
April 3, 2018 Credit Agreement \| Line of Credit \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate margin (as a percent)	3.00%

OTHER NON-CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Lease obligation liabilities	$ 23,202	$ 28,800	$ 0
Income tax liabilities	7,109		7,069
Deferred revenue	52		19
Other non-current liabilities	404		2,090
Total	$ 30,767		$ 9,178

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue \| Customer Concentration Risk \| Ocwen
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of revenue from largest customer	58.00%	52.00%
Revenue \| Minimum \| Customer Concentration Risk \| Ocwen
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Percentage of revenue from largest customer			50.00%
Discontinued Operations, Disposed of by Sale \| Rental Property Management Business
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Future proceeds from the sale of business, second installment	$ 3,000
RESI
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in equity securities, number of shares	4.1

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Apr. 03, 2018
Assets, Fair Value Disclosure
Cash and cash equivalents	$ 51,509	$ 58,294
Restricted cash	3,915	5,752
Investment in equity securities	38,419	36,181
Level 1 \| Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure
Cash and cash equivalents	51,509	58,294
Restricted cash	3,915	5,752
Investment in equity securities	38,419	36,181
Long-term receivable	0	0
Level 2 \| Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment in equity securities	0	0
Long-term receivable	0	0
Level 3 \| Fair Value, Measurements, Recurring
Assets, Fair Value Disclosure
Cash and cash equivalents	0	0
Restricted cash	0	0
Investment in equity securities	0	0
Long-term receivable	2,258	2,221
Prior senior secured term loan
Liabilities, Fair Value Disclosure
Long-term debt, carrying amount	338,822	338,822	$ 412,100
Prior senior secured term loan \| Level 1 \| Fair Value, Measurements, Recurring
Liabilities, Fair Value Disclosure
Long-term debt, fair value	0	0
Prior senior secured term loan \| Level 2 \| Fair Value, Measurements, Recurring
Liabilities, Fair Value Disclosure
Long-term debt, fair value	328,657	330,351
Prior senior secured term loan \| Level 3 \| Fair Value, Measurements, Recurring
Liabilities, Fair Value Disclosure
Long-term debt, fair value	$ 0	$ 0

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Stock Repurchase Plan & Share-Based Compensation (Details)		1 Months Ended	3 Months Ended
	May 17, 2017 $ / shares shares	Feb. 28, 2019 shares	Mar. 31, 2019 USD ($) component $ / shares shares	Mar. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2018 shares
Share Repurchase Program
Authorized amount (in dollars) \| $			$ 107,000,000
Capacity available to repurchase common stock under senior secured term loan (in dollars) \| $			459,000,000
Share-Based Compensation
Share-based compensation expense \| $			2,621,000	$ 2,201,000
Estimated unrecognized compensation costs (in dollars) \| $			$ 17,300,000
Weighted average remaining requisite service period for stock options over which unrecognized compensation costs would be recognized			1 year 10 months 13 days
Outstanding (in shares)			1,641,332		1,440,566
Stock options granted (in shares)				261,000
Weighted average exercise price of stock options granted (in usd per share) \| $ / shares				$ 24.95
Weighted average fair value of stock options granted and total intrinsic value of stock options exercised
Weighted average grant date fair value of stock options granted per share (in usd per share) \| $ / shares			$ 0.00	$ 16.20
Intrinsic value of options exercised \| $			$ 10,000	$ 4,320,000
Grant date fair value of stock options that vested \| $			$ 2,182,000	$ 23,000
Employee and non-employee stock options
Share-Based Compensation
Stock options granted (in shares)			0
Employee and non-employee stock options \| Service-Based
Share-Based Compensation
Outstanding (in shares)			497,000
Employee and non-employee stock options \| Service-Based \| Minimum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			3 years
Employee and non-employee stock options \| Service-Based \| Maximum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			4 years
Expiration term			10 years
Employee and non-employee stock options \| Market-Based
Share-Based Compensation
Outstanding (in shares)			638,000
Number of components of an award \| component			2
Allowable performance period before expiration date			3 years
Employee and non-employee stock options \| Market-Based \| Minimum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			3 years
Expiration term			10 years
Employee and non-employee stock options \| Market-Based \| Maximum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			4 years
Employee and non-employee stock options \| Market-Based, ordinary performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest			20.00%
Employee and non-employee stock options \| Market-Based, extraordinary performance \| Minimum
Share-Based Compensation
Percentage of compounded annual gain of stock price over exercise price required for the award to vest			25.00%
Employee and non-employee stock options \| Performance-Based
Share-Based Compensation
Outstanding (in shares)			506,000
Increase in outstanding options, due to level of achievement (in shares)		228,000
Employee and non-employee stock options \| Performance-Based \| Minimum
Share-Based Compensation
Allowable performance period before expiration date			10 years
Attainment above threshold performance levels, vesting percentage			50.00%
Employee and non-employee stock options \| Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage			200.00%
Employee and non-employee stock options \| Performance-Based, Vesting Period One
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			25.00%
Employee and non-employee stock options \| Performance-Based, Vesting Period Two
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			25.00%
Employee and non-employee stock options \| Performance-Based, Vesting Period Three
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			25.00%
Employee and non-employee stock options \| Performance-Based, Vesting Period Four
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			25.00%
Restricted Stock \| Performance-Based, Vesting Period One
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			33.00%
Restricted Stock \| Performance-Based, Vesting Period Two
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			33.00%
Restricted Stock \| Performance-Based, Vesting Period Three
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage			33.00%
Restricted Stock And Restricted Stock Units (RSUs)
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			770,528		485,806
Restricted Stock And Restricted Stock Units (RSUs) \| Service-Based
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, alternate award vesting period			2 years
Restricted shares and restricted share units outstanding (in shares)			631,000
Restricted Stock And Restricted Stock Units (RSUs) \| Service-Based \| Minimum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			1 year
Restricted Stock And Restricted Stock Units (RSUs) \| Service-Based \| Maximum
Share-Based Compensation
Share-based compensation arrangement by share-based payment award, award vesting period			4 years
Restricted Stock And Restricted Stock Units (RSUs) \| Performance-Based
Share-Based Compensation
Restricted shares and restricted share units outstanding (in shares)			140,000
Restricted Stock And Restricted Stock Units (RSUs) \| Performance-Based \| Maximum
Share-Based Compensation
Attainment above threshold performance levels, vesting percentage			225.00%
Restricted Stock Units (RSUs)
Share-Based Compensation
Restricted share units granted (in shares)			358,978
Restricted share units granted, weighted average grant date fair value (in usd per share) \| $ / shares			$ 25.02
Share Repurchase Program, Current
Share Repurchase Program
Number of shares of common stock authorized to be purchased (in shares)	4,300,000
Percentage of outstanding shares authorized to be repurchased	25.00%
Minimum purchase price authorized (in usd per share) \| $ / shares	$ 1.00
Maximum purchase price authorized (in usd per share) \| $ / shares	$ 500.00
Period that shares may be repurchased, from the date of approval	5 years
Remaining number of shares available for repurchase under the plan (in shares)			3,400,000
Share Repurchase Programs
Share Repurchase Program
Number of shares of common stock purchased (in shares)			0	400,000
Average purchase price per share (in usd per share) \| $ / shares				$ 27.67
Black-Scholes
Assumptions used to determine the fair value of options as of the grant date
Expected dividend yield				0.00%
Black-Scholes \| Minimum
Assumptions used to determine the fair value of options as of the grant date
Risk-free interest rate (%)				2.66%
Expected stock price volatility (%)				70.31%
Expected option life (in years)				6 years
Fair value \| $ / shares				$ 16.17
Black-Scholes \| Maximum
Assumptions used to determine the fair value of options as of the grant date
Risk-free interest rate (%)				2.70%
Expected stock price volatility (%)				71.81%
Expected option life (in years)				6 years 3 months
Fair value \| $ / shares				$ 17.15
Binomial
Assumptions used to determine the fair value of options as of the grant date
Expected stock price volatility (%)				7181.00%
Expected dividend yield				0.00%
Binomial \| Minimum
Assumptions used to determine the fair value of options as of the grant date
Risk-free interest rate (%)				1.65%
Expected option life (in years)				2 years 6 months 22 days
Fair value \| $ / shares				$ 15.58
Binomial \| Maximum
Assumptions used to determine the fair value of options as of the grant date
Risk-free interest rate (%)				2.77%
Expected option life (in years)				4 years 3 months 26 days
Fair value \| $ / shares				$ 18.28

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Summary of Activity related to our stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Number of options
Outstanding at the beginning of the period (in shares)	1,440,566
Performance criteria achieved (in shares)	227,849
Exercised (in shares)	(1,500)
Forfeited (in shares)	(25,583)
Outstanding at the end of the period (in shares)	1,641,332	1,440,566
Exercisable at the end of the period (in shares)	1,007,222
Weighted average exercise price
Outstanding at the beginning of the period (in usd per share)	$ 30.78
Performance criteria achieved (in usd per share)	24.98
Exercised (in usd per share)	18.79
Forfeited (in usd per share)	61.40
Outstanding at the end of the period (in usd per share)	29.51	$ 30.78
Exercisable at the end of the period (in usd per share)	$ 27.10
Weighted average contractual term (in years)
Weighted average contractual term	5 years 1 month 20 days	5 years 14 days
Exercisable at the end of the period	3 years 4 months 27 days
Aggregate intrinsic value (in thousands)
Aggregate intrinsic value, beginning balance (in dollars)	$ 945
Aggregate intrinsic value, ending balance (in dollars)	1,339	$ 945
Exercisable at the end of the period (in dollars)	$ 1,270

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION RSU (Details) - Restricted Stock And Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of period (in shares)	485,806
Issued (in shares)	(31,025)
Forfeited/canceled (in shares)	(43,231)
Outstanding at the end of period (in shares)	770,528

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Schedule of revenue [Line Items]
Revenue	$ 169,935	$ 197,438
Revenue recognized that was included in contract liability at the beginning of the period	4,900	5,900
Service revenue
Schedule of revenue [Line Items]
Revenue	164,999	188,766
Reimbursable expenses
Schedule of revenue [Line Items]
Revenue	4,496	8,147
Non-controlling interests
Schedule of revenue [Line Items]
Revenue	$ 440	$ 525

REVENUE - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 169,935	$ 197,438
Revenue recognized when services are performed or assets are sold
Disaggregation of Revenue [Line Items]
Revenue	147,755	166,956
Revenue related to technology platforms and professional services
Disaggregation of Revenue [Line Items]
Revenue	17,684	22,335
Reimbursable expenses revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 4,496	$ 8,147

COST OF REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
COST OF REVENUE (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Cost of Revenue [Abstract]
Compensation and benefits	$ 41,368	$ 54,866
Outside fees and services	62,581	65,098
Cost of real estate sold	2,094	3,179
Technology and telecommunications	8,509	9,451
Reimbursable expenses	4,496	8,147
Depreciation and amortization	5,056	6,453
Cost of revenue	$ 124,104	$ 147,194

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES AND OTHER OPERATING EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Selling, General and Administrative Expense [Abstract]
Compensation and benefits	$ 11,353	$ 13,569
Amortization of intangible assets	8,647	7,147
Occupancy related costs	3,908	8,434
Marketing costs	2,932	3,607
Professional services	5,476	3,226
Depreciation and amortization	4,313	2,268
Other	4,611	4,873
Total	$ 41,240	$ 43,124

OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other Income and Expenses [Abstract]
Interest income	$ 151	$ 131
Other, net	223	1,141
Total	$ 374	$ 1,272

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net loss attributable to Altisource	$ (3,184)	$ (4,132)
Weighted average common shares outstanding, basic (in shares)	16,292	17,378
Weighted average common shares outstanding, diluted (in shares)	16,292	17,378
Loss per share:
Basic (in usd per share)	$ (0.20)	$ (0.24)
Diluted (in usd per share)	$ (0.20)	$ (0.24)
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	300	500
Employee and non-employee stock options
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	300	300
Options, restricted shares and restricted share units issuable upon achievement of market and performance criteria
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)	800
Options issuable upon achievement of certain market and performance criteria
Anti-dilutive securities
Options, restricted shares and restricted share units excluded from the computation of diluted EPS (in shares)		600

RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands	3 Months Ended
RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,420	$ 0
Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected future cost (approximate)	13,000
Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, expected future cost (approximate)	$ 17,000

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended		12 Months Ended
	Dec. 31, 2018	Jan. 31, 2018	Jul. 31, 2017	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Concentration Risk
Loss related to sales tax exposure				$ 2.1		$ 6.2
Escrow and Trust Balances
Amounts held in escrow and trust accounts	$ 23.6			$ 25.0		$ 23.6
Ocwen \| Customer Concentration Risk \| Revenue
Concentration Risk
Percentage of revenue from largest customer				58.00%	52.00%
Highly Correlated - Ocwen \| Customer Concentration Risk \| Revenue
Concentration Risk
Percentage of revenue from largest customer				7.00%
NRZ \| Ocwen
Concentration Risk
Subservice transferred subject MSRs, initial term		5 years	5 years
NRZ \| Ocwen \| Customer Concentration Risk \| Revenue
Concentration Risk
Percentage of loans serviced and subserviced by largest customer's largest client	57.00%

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Right-to-use assets			$ 42.1
Lease obligation liabilities			$ 45.5
Sublease income	$ 0.4	$ 0.5
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	6 years

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Term and Assumption (Details)	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	3 years 4 months 10 days
Weighted average discount rate	7.25%

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Lease Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Cash used in operating activities for amounts included in the measurement of lease liabilities	$ 4,737
Short-term (less than one year) lease costs	1,157
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs	2,880
Cost of revenue
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 858

COMMITMENTS, CONTINGENCIES AND REGULATORY MATTERS - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 13,130
2020	14,583
2021	9,593
2022	5,694
2023	3,465
Thereafter	1,330
Total lease payments	47,795
Less interest	(5,596)
Present value of lease liabilities	$ 42,199

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (10,448,000)
Comprehensive Income [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(733,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (9,715,000)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Income Statement [Abstract]
Income tax provision on unrealized gain on investment in equity securities	$ 200	$ 0	$ 0	$ 0