Altisource Gains $61m in Q110 as More REO Hits Market
Altisource Portfolio Solutions, which provides real estate services including REO disposition, earned $61m in Q110 as the company put more foreclosed properties back onto the market through its network of brokers. Through the end of Q110, Altisource had 4,800 properties listed with its REO brokers, compared to 3,500 at the end of 2009. In March, Altisource completed its national rollout of property preservation and finished spreading its REO disposition capabilities across the country as well. Profits are growing as well. The $61m net revenue grew 43% from $42.6m in Q109. Today, Altisource has REO brokerage coverage in 11 states with a referral brokerage network in place to cover the remainder of the country. Through the rest of 2010, Altisource expects to complete the national rollout of default management and title agency services and continue growing its brokerage coverage. Altisource said 2010 could bring more profits and growth. Its mortgage services division could capture more revenue related to loans serviced by the mortgage servicer Ocwen Financial. Ocwen expanded its residential loan portfolio including a $9.7bn increase in unpaid principal balance in November 2009, and another $6.9bn increase in May 2010. Write to Jon Prior.