Altisource Posts Strong Earnings for 4Q, Full Year

Mortgage technology and service provider Altisource reported net income of $26 million for the fourth quarter and earnings of $71 million for the full year.

In the comparable periods for 2010 the firm earned $17 million and $49 million, respectively.

The Luxembourg-based vendor is a provider of mortgage and real estate portfolio management, asset recovery, and other technology-related services.

Altisource was spun off from firm Ocwen Financial in 2009. Ocwen remains as Altisource’s largest customer. The number of Ocwen loans managed on Altisource’s servicing system totals roughly 600,000.

The firm generated servicing revenue of $104 million, up 40% from 4Q10. For the year, Altisource reported servicing revenue of $335 million, a 36% gain over 2010.

Altisource also repurchased 600,000 shares of stock at an average price of $44.49 per share.

Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_540/altisource-posts-strong-earnings-1028952-1.html

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