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."

Help is available for home buyers.

You may qualify for a government program to help make your home ownership dreams a reality. Although some federal programs are limited by income, you may be able to receive grants for repairs and renovations.

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There are two programs to consider:

Federal Housing Authority
Federal Housing Authority (FHA)

Enables first-time buyers to make a lower down payment

FHA :

  • Backed by the Federal Housing Authority
  • Requires two kinds of mortgage insurance premiums
  • Qualify with a lower credit score
Veterans Affairs
Veterans Affairs (VA)

Offers substantial cost savings and relaxed qualification standards to military home buyers and select spouses

VA :

  • Offers competitive interest rates without the need to pay a mortgage insurance premium
  • No down payment and relaxed credit standards
  • Guaranteed by the Veterans Administration
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