Secondary

Altisource Portfolio Solutions’ bottom line took a larger hit in the first quarter compared to Q4 2020, causing the company to cut costs.

While the first quarter is typically the weakest period for the title business, the sector benefited from strong refinance volumes that were driven by low interest rates.

The company is formally launching a new “non-mortgage” unit that will provide small loans for home improvement projects.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.

The Federal Housing Finance Agency is calling for input on how to better safeguard against potential lending risks associated with residential buildings filled with short-term rental units.

The real estate investment trust has been buying residential business-purpose loans from the company since 2017.

The agreement, which is extended for five years, also expands upon the delinquent mortgages services Altisource will provide to Ocwen.

The company, like many publicly-traded nonbanks, is looking for ways to address the downward pressure that a battle between two large competitors is putting on the wholesale channel’s profitability.