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."

What does refinancing a loan mean?

Refinancing a mortgage means you allow the lender to pay off an existing loan for a new one. The process allows borrowers to capitalize on potentially better interest rates, a different term or lower monthly payments. Refinancing a loan may have costs associated with it, so you'll want to stay in your home long enough to break even and benefit from the savings gained.

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See if refinancing makes sense.

Pros

  • Protects you from rising interest rates when converting from an adjustable rate to a fixed-rate loan

  • Can let you use the equity in your home responsibly to cover the expense of a renovation project or paying off a higher-interest loan

Cons

  • Expenses or fees to refinance may outweigh any potential short-term savings

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