Altisource Portfolio Stock Price, News & Analysis

Altisource Portfolio Solutions reported Q2 2020 service revenue of $91.0 million, down 52% from Q2 2019, primarily due to the impact of COVID-19. Loss before income taxes was $(33.7) million and adjusted EBITDA stood at $(2.1) million. The company ended the quarter with $68 million in cash. A significant decline in foreclosure activity contributed to lower service revenue, but Altisource plans to reduce costs and projects 2021 service revenue between $250 million and $270 million, with adjusted EBITDA margins of 14% to 16%.

Altisource Portfolio Solutions (NASDAQ: ASPS) will report its second quarter 2020 earnings on August 6, 2020. Investors can access the press release and presentation through the Investor Relations section of Altisource's website. A conference call is scheduled for the same day at 8:30 a.m. EDT, where management will discuss the results. A replay will be available on the website two hours after the call, lasting for approximately 30 days. Altisource specializes in integrated services and technology for the real estate and mortgage sectors.

Premium Title has enhanced its e-close capabilities by adding remote online notarization (RON) to its existing services, which already include hybrid and total e-close options. This move aims to assist customers in digitizing the loan closing process, especially during the COVID-19 pandemic. The company has successfully processed over 9,000 purchase transactions electronically. Vice President Ben Hall emphasized the company’s adaptability in offering virtual closings, positioning Premium Title as a leader in the mortgage industry amid changing consumer needs.

Altisource Portfolio Solutions (ASPS) expressed concern over shareholder dissatisfaction with Front Yard Residential Corporation (RESI) following its 2020 Annual Meeting. The low support for incumbent nominees and the Say-on-Pay vote highlighted shareholders' lack of confidence in RESI's Board. Altisource criticized RESI for limiting shareholder participation and failing to address any inquiries during the meeting. Additionally, despite disapproval on pay structures, RESI granted significant new shares to its external asset manager. Altisource is committed to advocating for changes to enhance shareholder value.

Hubzu, a leading online real estate marketing platform, has expanded its foreclosure auction services to Ohio, enhancing its nationwide coverage. The platform now facilitates full-service online foreclosure auctions in 17 states, aiming to maximize sales performance for clients. With over 221,000 homes sold and 4.5 million bids placed since 2009, Hubzu employs advanced marketing strategies, reaching over 1.75 million registered users. Anticipating further expansion, Hubzu plans to integrate online and mobile solutions, connecting its platform to in-person auctions.

Altisource Portfolio Solutions (NASDAQ: ASPS) calls for greater transparency from Front Yard Residential Corporation (NYSE: RESI) ahead of its Annual Meeting on June 22, 2020. Altisource, a major shareholder, expresses concerns about RESI's high costs, executive compensation, and inadequate communication regarding the termination of its merger with Amherst. The company has requested that RESI disclose all shareholder inquiries and responses from the meeting, while Altisource plans to withhold votes for certain directors and oppose executive compensation proposals due to perceived conflicts of interest and governance issues.

Altisource Portfolio Solutions (NASDAQ: ASPS) has announced intentions to withhold votes for directors Rochelle Dobbs and George McDowell at Front Yard Residential Corporation's (NYSE: RESI) upcoming annual meeting on June 22, 2020. They criticize RESI's recent actions, including the fast-tracked meeting schedule and unexplained termination of a merger with Amherst Residential, which led to significant shareholder value loss. Altisource demands accountability for governance failures, underperformance, and excessive executive compensation amidst a bloated cost structure, urging fellow shareholders to act similarly.

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) announced its 2020 Annual Meeting of Shareholders will be held virtually on May 19, 2020, at 9:00 a.m. Central European Time. This decision is due to the COVID-19 pandemic and related public health restrictions in Luxembourg. Shareholders of record may attend the meeting using their control number, while beneficial holders must register by May 14, 2020, by providing a legal proxy to gain access. Shareholders are encouraged to vote in advance of the meeting, and questions can be submitted during the virtual event.