Altisource (ASPS) doubled its profit from one year ago on higher revenue from its mortgage origination and servicing business lines.
The company reported net income $28.1 million, or $1.13 a share, in the second quarter, up from $13.3 million earned one year ago.
Altisource provides services such as valuations, loan processing and due diligence for mortgage lenders. Revenue from these offerings increased 73% from one year ago to $8.3 million in the quarter.
Its largest client is Ocwen Financial Corp. (OCN), which is still looking to grow its servicing portfolio after becoming the largest servicer of subprime loans this year.
Altisource handles property preservation, valuations and asset management of homes its clients repossess. Revenue from its servicing business increased 63% to $118.1 million.
The company sold 7,000 REO through its web portal during the second quarter, up from 6,000 during the previous three months.
