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Ocwen, Altisource extend ties to keep costs down

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Two years after the spin-off, Ocwen Financial Corp. (OCN) will extend certain services to Altisource (ASPS) for an additional 12 months to minimize costs, according to a filing with the Securities and Exchange Commission. On Aug. 10, 2009, Ocwen, which is gearing up to be the largest subprime mortgage servicer in the country, spun-off Altisource into its own publicly traded REO and title insurance company. The companies agreed to share some services for 24 months. An Altisource spokesman said those services include tax and legal support, human resources and other administrative duties "to keep costs minimal." Other business links between the companies remain. In the second quarter, Altisource recognized a $1.3 million decline in pretax income due to increased investments in personnel and technology. Altisource said the moves were made in support of the Ocwen acquisition of Litton Loan Servicing. "For the third quarter, Altisource expects initiatives to support the Litton portfolio and investment in technology will limit margin expansion," the company said. Altisource reported income of $13.3 million for the second quarter, down from $16.3 million a year earlier. Write to Jon Prior. Follow him on Twitter @JonAPrior

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