Market shift: HSBC offloads huge REO portfolio to Altisource

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Items Tagged with 'Altisource Portfolio Solutions'

ARTICLES

Market shift: HSBC offloads huge REO portfolio to Altisource

Lays off most of REO staff
Brena Swanson
In the latest addition to Altisource Portfolio Solutions, the company is acquiring the servicing rights to HSBC's REO department. The decision is already drawing fire for its cloak-and-dagger execution.
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Moody’s downgrades Ocwen’s servicer ratings

Cites increased regulatory scrutiny and force-placed insurance concerns
Ben Lane
Moody's suggests that the scrutiny from the Securities and Exchange Commission and the New York Department of Financial Services "could restrict Ocwen's activities, levy monetary fines, or take additional actions that could negatively affect the company's financial strength and servicing stability."
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KBRA: More smoke than fire in Ocwen’s restated earnings

Cautions that MSR transactions could see more regulatory scrutiny
Ben Lane
Kroll notes that audit firms, like Deloitte & Touche, advise public companies on how to structure their finances related to GAAP, however “the public company is ultimately responsible for the public disclosure,” which leads to the public company “taking the blame” for what its auditor advised it to do.
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SEC subpoenas Ocwen over Altisource, HLSS associations

Joins NYDFS in questioning company’s relationship with its affiliates
Ben Lane
Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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What’s wrong at Altisource Asset Management?

Stock crashes after company denied at distressed loan auction
Ben Lane
Altisource Asset Management's stock is plummeting after reports that the company's affiliate, Altisource Residential was shut out of a HUD distressed loan auction.
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Altisource posts record service revenue in 1Q 2014

$210M service revenue grows 65% YOY
Trey Garrison
Altisource Portfolio Solutions posted record service revenue of $210 million for the first quarter 2014, a 65% increase over the first quarter 2013.
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More than half of Altisource revenue is from business with Ocwen

Sterne Agee likes future for non-bank MSR market
Trey Garrison
Sterne Agee is initiating coverage on Altisource Portfolio Solutions, a provider of servicing tools, with a neutral rating and $125 PT on its outlook for growth for non-bank MSR firms.
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Altisource Portfolio Solutions acquires Equator

Servicing solutions firm to pay $70M for the platform
HousingWire Staff
"The acquisition expands our marquee client list and provides our customers with one of the most comprehensive real estate lifecycle management platforms and services marketplaces available," said William Shepro, CEO of Altisource.
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Altisource earnings push higher

HousingWire Staff
Altisource Portfolio Solutions saw its profit soar 10% in the second quarter as servicers relied more heavily on the company’s REALServicing platform...
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Altisource scoops up several Ocwen businesses

Jacob Gaffney
Altisource Portfolio Solutions is buying sections of Ocwen Financial Corporation's [stock OCN][/stock] non-core assets.The primary acquisitions are related to the purchases of Homeward Residential and the...
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