Profile: Altisource Portfolio Solutions SA (ASPS.O)
4 Dec 2013
Altisource Portfolio Solutions S.A.( Altisource), incorporated on November 4, 1999, together with its subsidiaries, is a provider of services focused on technology-enabled, knowledge-based functions related to real estate and mortgage portfolio management, asset recovery and customer relationship management. The Company operates in three segments: Mortgage Services, Financial Services and Technology Services. In April 2011, the Company acquired Springhouse, LLC (Springhouse). In July 2011, the Company acquired the assembled workforce of a sub-contractor (Tracmail) in India. In December 2012, the Company completed the spin-offs of Altisource Residential Corporation (Residential) and Altisource Asset Management Corporation (AAMC).
Mortgage Services consists of mortgage portfolio management services, which span the mortgage lifecycle from origination through real estate owned (REO) asset management and sale. Financial Services consists of unsecured asset recovery and customer relationship management. Technology Services consists of modular, integrated technological solutions for loan servicing, vendor management and invoice presentment and payment, as well as providing infrastructure support. The Company conducts portions of its operations in all 50 states and in three countries outside of the United States.
The Company’s Mortgage Services segment generates revenue by providing services, which loan originators and loan servicers typically outsource to third parties. Its services are provided using its national platform and span the lifecycle of a mortgage loan. Its services are centered on its relationship with Ocwen Financial Corporation (Ocwen), but we also have relationships with capital market firms, commercial banks, hedge funds, insurance companies and lending institutions. Its services begin with a default management referral from a customer, which results in a pre-foreclosure title search, property inspection services and non-legal back-office support services in connection with managing foreclosures. Upon receipt of an asset management referral after a property has been foreclosed, it provides REO preservation, REO asset management, REO valuation, REO brokerage, REO closing and REO title insurance services. The Company’s Mortgage Partnership of America, L.L.C. (MPA) is the manager of a national alliance of community mortgage bankers and correspondent lenders, which does business as Lenders One.
Asset management services include property preservation, property inspection, REO asset management and REO brokerage. It provides property preservation services and pre-foreclosure inspection services. Origination management services include MPA, its contract underwriting business, and its origination fulfillment operations is under development. Residential property valuation services provide its customers with appraisal products through its licensed appraisal management company, working with its network of appraisers and ordering system. Customers may also order alternative valuation products through its system and network of real estate professionals. It also offers customers the ability to outsource all or part of their appraisal and valuation management oversight functions to it. In closing and insurance services the Company provides a range of closing services and title services applicable to the residential foreclosure process and the sale of residential property. Default management services provide non-legal back-office support for foreclosure, bankruptcy and eviction attorneys, as well as foreclosure trustee services.
The Company’s Financial Services segment provides collection and customer relationship management services to debt originators and the utility and insurance industries. This segment is focused on disciplined floor management, delivering more services over its global delivery platform. Asset recovery management provides post-charge-off consumer debt collection on a contingent fee basis where it is paid a percentage of the recovered debt. Its customer relationship management provides customer care and early stage collections services, for which it is compensated on a per-call, per-person or per-minute basis. In addition, it provides insurance and claims processing, call center services and analytical support, for which it is paid based upon the number of employees utilized.
Technology Services consists of REALSuite of applications, as well as its information technology (IT) infrastructure services. It provides its IT infrastructure services to Ocwen and the Company. The REALSuite platform provides a set of applications and technologies, which manage the end-to-end lifecycle for residential and commercial servicing, including the automated management and payment of a distributed network of vendors.
The Company’s REALServicing is an enterprise residential mortgage loan servicing product, which offers an efficient and effective platform for loan servicing, including default administration. This technology solution features automated workflows, a dialogue engine and robust reporting capabilities. The solution spans the loan servicing cycle from loan boarding to satisfaction, including all collections, payment processing and reporting. It also offers REALSynergy, an enterprise commercial loan servicing system.
The Company’s REALTrans is an electronic business-to-business exchange, which automates and simplifies the ordering, tracking and fulfilling of vendor provided services related to mortgages. This technology solution, whether Web-based or integrated into a servicing system, connects multiple service providers through a single platform and forms a method for managing a network of vendors. REALRemit is an electronic invoicing and payment system, which provides vendors with the ability to submit invoices electronically for payment and to have invoice payments deposited directly to their respective bank accounts. IT infrastructure services provide a range of IT services, for which it performs remote management of IT functions internally and for Ocwen.
Altisource Portfolio Solutions SA
291, Route d'Arlon