ALTISOURCE ANNOUNCES WIND DOWN AND CLOSURE OF OWNERS.COM TO INCREASE FOCUS ON CORE BUSINESSES

Luxembourg, October 8, 2019 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it decided to wind down and close Owners.com’s operations. The Company believes that closing Owners.com supports its simplification strategy, eliminates the cash burn associated with this earlier stage business, and increases focus on the core real estate and mortgage businesses.

"Owners.com has been making encouraging progress in demonstrating that a better consumer real estate model based on technology and service may be viable," said William B. Shepro, Altisource’s Chairman and Chief Executive Officer. Shepro further commented, "However, as we continue to work to simplify Altisource and focus on our larger opportunities, we concluded that closing Owners.com is in Altisource’s best interests given the time horizon and level of additional investments needed in order for Owners.com to operate independently. I am proud of the very talented and dedicated Owners.com team and want to thank them for their contributions."

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Fixed Rate

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Adjustable Rate

Adjustable Rate

Lower initial payments over fixed-rate mortgages.

  • Initial interest rate can be fixed for a period (typically between 3 to 5 years) and variable for the remaining loan term
  • Offers flexibility for buyers who anticipate moving in the near future
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Federal Housing Authority (FHA)
Federal Housing Authority (FHA)

Assists first-time buyers.


Put less money down.

Advantages :

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  • Requires two kinds of mortgage insurance premiums
  • Qualify with a lower credit score
Veterans Affairs (VA)
Veterans Affairs (VA)

Benefits military home buyers and selected spouses.


Qualify with relaxed credit standards.

Advantages :

  • Guaranteed by the Veterans Administration
  • Offers competitive interest rates and no need to pay a mortgage insurance premium
  • No down payment and relaxed credit standards
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