Altisource Poised To Assist Servicers and Borrowers Post Forbearance
December 1, 2020
Mortgage industry service provider’s new program helps borrowers avoid foreclosure through its Signature Seller Assisted Sale program
LUXEMBOURG, December 1, 2020 – Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, today announced the launch of its Signature Seller Assisted Sale program. The solution is designed to help borrowers who are unable to meet retention requirements avoid foreclosure by assisting in the sale of their home. With nearly three million loans in forbearance, delinquencies are expected to rise dramatically in coming months.
The program has the potential to benefit mortgage servicers by reducing the number of properties in foreclosure, thus lessening the burden on managing their delinquent portfolio. For the borrower, the Signature Seller Assisted Sale program offers a solution that may help avoid foreclosure and allow for a seamless and graceful transition. The program can be used as a short sale or equity sale depending on the value of the home and the unpaid balance of the loan.
The Signature Seller Assisted Sale program can include one or more of Altisource’s services, including its call center, valuation services, national brokerage and Hubzu® online real estate marketing platform. This program may help servicers avoid or reduce lengthy foreclosure timelines, potential bankruptcies and expensive holding costs and advances. There is no fee for the servicer to participate in the program.
“The Signature Seller Assisted Sale program is designed to utilize Altisource’s integrated services to assist borrowers in gracefully selling their home when all retention possibilities are exhausted,” said John Vella, Chief Revenue Officer at Altisource®. “We feel our combination of services uniquely positions us to offer solutions that no other vendor can provide. In the end, this program can help borrowers, servicers and investors achieve the optimal outcome in these uncertain times.”
Hubzu is a leading online real estate marketing platform. Since 2009, Hubzu has facilitated the sale of over 225,000 homes in the United States and Puerto Rico via its transparent online marketing and auction process. Licensed agents and brokers use the Hubzu platform to market and facilitate the auction of properties for their clients. Home buyers benefit from Hubzu’s search tools and automated and transparent bidding process to find and purchase new homes. Hubzu is part of the Altisource® Portfolio Solutions S.A. family of businesses. Additional information is available at Hubzu.com, Facebook and LinkedIn.
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.