Altisource Portfolio Stock Price, News & Analysis

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) reported a challenging first quarter 2021, with service revenue declining by 58% year-over-year to $48.1 million, primarily due to COVID-19 related foreclosure moratoriums. Despite a 68% growth in its origination business to $16.8 million, the company faced significant losses, with a net loss of $22.0 million or $(1.40) per diluted share. However, Altisource anticipates a recovery in its default services by late 2021, projecting revenues between $243 million and $397 million post-stabilization. Cost-cutting measures are expected to save over $20 million in 2021.

Altisource Portfolio Solutions (NASDAQ: ASPS) has extended its agreement with Ocwen Financial Corporation until August 2030, enhancing the services provided in the real estate and mortgage industries. This new contract includes expanded solutions like field services, foreclosure auctions, and title services for various loan types. The agreement also resolves prior disputes over service provider designations. CEO William B. Shepro emphasized the strategic importance of this relationship for future growth.

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is set to report its first quarter 2021 earnings on May 10, 2021. The earnings announcement will be accompanied by a press release and presentation available in the Investor Relations section of Altisource's website.

A conference call will take place at 8:30 a.m. EST to discuss the results. Interested parties are advised to access the website at least 15 minutes prior to the call for registration and software installation. A replay will be accessible two hours post-call for 30 days.

Altisource Portfolio Solutions S.A. (ASPS) reported challenging financial results for 2020, with a significant focus on cost reduction and organizational simplification. The origination business saw a remarkable 47% revenue growth, excluding pandemic-impacted segments, and is projected to reach $99 million in 2021. The company anticipates a backlog in its default business will lead to strong revenue growth starting in 2022, targeting a 120% to 260% increase by 2023. Altisource ended 2020 with $58.3 million in cash and reduced corporate costs significantly, positioning itself for recovery and growth.

Altisource Portfolio Solutions will report its fourth quarter and full year 2020 earnings on March 11, 2021. A press release and presentation will be accessible in the Investor Relations section of their website. The company will also host a conference call at 8:30 a.m. EST the same day to discuss the results. Participants are advised to log onto the site at least 15 minutes prior to the call. A replay of the call will be available shortly after its conclusion for 30 days.

Altisource Portfolio Solutions S.A. has appointed Justin Demola as President of Lenders One, a national alliance of independent mortgage bankers. Demola, who has nearly 30 years of experience in the mortgage industry, previously served as Managing Director at Lenders One. He succeeds Brian Simon and aims to bolster the cooperative's strategic direction during challenging market conditions. Under his leadership, Lenders One will focus on delivering exclusive solutions to enhance member competitiveness and profitability, building on its 20-year foundation.

Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) released its annual report titled The State of the Originations Industry for 2021, examining trends influencing the U.S. mortgage origination market. The report is based on a survey of over 200 professionals, focusing on key challenges and opportunities. Key findings include that 27% of participants identified regulatory constraints as the top challenge, while 21% pointed to technology enhancements as critical for differentiation. Additionally, 84% predict rising costs will lead to the exit or acquisition of smaller lenders.

Granite Risk Management has introduced the one2one Fund Control remote inspection service, enhancing accuracy and efficiency in residential construction inspections. By using video technology, builders can conduct live inspections without needing on-site visits, significantly reducing delays and promoting faster fund releases from lenders. This innovative solution aims to improve builder satisfaction and streamline the construction draw process. Early adopters report a halving of the time required for draw requests, marking a transformative change in construction financing.