Altisource Portfolio Solutions SA (NASDAQ: ASPS) is a mortgage and real estate services company that provides default management, property disposition, and origination support services to mortgage servicers and originators. It earns revenue on a transactional, fee-for-service basis across two reported segments: Servicer and Real Estate, which generated $126.1 million in service revenue for FY2025, and Origination, which generated $35.2 million, bringing total service revenue to $161.3 million for FY2025. Customer concentration is high: Onity Group (formerly Ocwen) alone accounted for 42% of consolidated FY2025 revenue ($72.3 million), while Rithm Capital was a second material customer whose brokerage agreement expired August 31, 2025. Altisource is incorporated in Luxembourg and operates delivery centers in the United States, India, and Uruguay, with 1,236 total employees as of December 31, 2025. William B. Shepro serves as Chairman and CEO.

Revenue model

Fee-for-service, transactional revenue tied to mortgage servicing volumes, default activity, REO property sales, and origination support. Revenue scales with the size of loan portfolios serviced by clients such as Onity and referrals from Rithm Capital.

Products and services

Services include REO property marketing and disposition (Hubzu platform), field services, property renovation, foreclosure trustee services, real estate brokerage, and origination support (Trelix Connect). Proprietary technology platforms include Hubzu, Equator, LOLA, Keystone, REALSynergy, RentRange, Vendorly, and Trelix Connect.

Customers and end markets

Primary customers are mortgage servicers and originators. Onity Group was 42% of consolidated FY2025 revenue; Rithm Capital was a second material customer. End markets are U.S. residential mortgage default servicing and loan origination.

Value-chain role

Third-party service provider sitting between mortgage servicers and the real estate disposition, field services, and origination supply chain. Altisource handles operational tasks that mortgage servicers outsource, including property management, valuation, brokerage, and title-adjacent origination services.

Geographic exposure

Primarily U.S. end markets. Operations in United States (204 employees), India (942 employees), Uruguay (82 employees), and Luxembourg (8 employees) as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-04

Industry: Services-Miscellaneous Business Services