Altisource and Its Hubzu(R) Real Estate Sale Platform Launch New
Online-Assisted Short Sale Program
Innovative Online Auction and Sale Platform Delivers Uniquely Efficient and
Transparent Short Sale Option for Servicers and Buyers
LUXEMBOURG, June 4, 2013 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions,
S.A. (Nasdaq:ASPS), a leading provider of services and technology solutions
for the real estate and mortgage industry, announced today the launch of its
new Assisted Short Sale program. The innovative solution is poised to
significantly increase the transparency of short sale transactions, shorten
servicers' approval timelines and reduce the processing burden on borrowers
and their real estate agents.
The Altisource™ Assisted Short Sale program leverages its Hubzu^® Real Estate
Marketplace (www.hubzu.com) to provide a unique, efficient and fully
transparent marketing and bidding process for short sales. By ensuring that
homes are actively marketed and pending offers are published on Hubzu,
Altisource expects to attract multiple bids on short sale properties improving
the likelihood that homes are sold at market value quickly.
"Short sales can be quite frustrating for both sellers and buyers as the
existing process is complicated and often forces servicers to make quick
decisions based on limited information," said Joseph Davila, President of
Altisource Mortgage Services."Our program takes advantage of Hubzu's ability
to provide equal and open access in the marketplace and an efficient platform
to successfully transact. We make those benefits available to all parties
involved in the process."
Hubzu has been running a very successful online residential home sale platform
that has generated more than 70,000 successful home sales since
2009.Servicers evaluating a short sale loan resolution now have the option to
incorporate Hubzu into the short sale marketing process. Hubzu drives buyer
traffic from its customer base (generating more than four million property
views per month) to secure timely and competitive bids for homes on the
website. The transparent marketing format and public display of competing
bids associated with Hubzu and the Altisource Assisted Short Sale program,
helps mitigate servicers' fears that homes are being sold below true market
Through the Altisource Assisted Short Sale program, home buyers have the
assurance of knowing that the servicer is involved in the process from the
beginning. Buyers also benefit from the transparent and user-friendly Hubzu
platform which offers 24/7 access to place bids. This ease-of-access also
allows short sale servicers, agents and buyers to stay informed of the sale
status and successfully close the home faster and more efficiently.
Altisource's Assisted Short Sale program also includes a complete suite of
optional enhanced services including call center, appraisal, title insurance,
escrow and settlement, all tailored to improve the efficiency and
effectiveness of short sale transactions.
Altisource Portfolio Solutions S.A. (Nasdaq:ASPS) is a global provider of
services focused on high-value, technology-enabled, knowledge-based solutions
principally related to real estate and mortgage portfolio management, asset
recovery and customer relationship management. Additional information is
available at www.altisource.com.
Hubzu provides an online residential real estate marketplace that makes it
easy for consumers, investors and brokers to buy and sell homes. From start to
finish, Hubzu provides an entirely online experience – from searching and
bidding to financing and closing. Hubzu® is a trademark of Altisource
Solutions, S.à r.l. Hubzu is part of the Altisource Portfolio Solutions S.A.
family of businesses. Additional information is available at www.hubzu.com or
follow us on Facebook and Twitter.
CONTACT: Investor Contact:
Mark F. A. Kearns
Chief Accounting Officer
+352 2469 7954
Kristi D. Kovalak
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