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ALTISOURCE ANNOUNCES WIND DOWN AND CLOSURE OF OWNERS.COM TO INCREASE FOCUS ON CORE BUSINESSES

Luxembourg, October 8, 2019 - Altisource Portfolio Solutions S.A. ("Altisource" or the "Company") (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it decided to wind down and close Owners.com’s operations. The Company believes that closing Owners.com supports its simplification strategy, eliminates the cash burn associated with this earlier stage business, and increases focus on the core real estate and mortgage businesses.

"Owners.com has been making encouraging progress in demonstrating that a better consumer real estate model based on technology and service may be viable," said William B. Shepro, Altisource’s Chairman and Chief Executive Officer. Shepro further commented, "However, as we continue to work to simplify Altisource and focus on our larger opportunities, we concluded that closing Owners.com is in Altisource’s best interests given the time horizon and level of additional investments needed in order for Owners.com to operate independently. I am proud of the very talented and dedicated Owners.com team and want to thank them for their contributions."

About Us

Owners.com is a customer-focused brokerage dedicated to delivering highly personalized services. At the forefront of the real estate revolution, Owners.com offers unique digital experiences combined with local real estate expertise. Owners.com and its affiliates offer a complete real estate solution, including financing and closing services, to anticipate and fulfill the dreams of home buyers and sellers. For more information or to contact a local Owners.com real estate agent, visit Owners.com or follow us on Facebook or LinkedIn.

Our History

Launched in 1996, Owners.com began as an online directory of for-sale-by-owner (FSBO) property listings. In 2001, the company began offering FSBO sellers the ability to add listings to their local multiple listing service (MLS) for a fixed fee.

By 2014, Owners.com reached a broader audience with expanded seller choices, local agent support, amped up exposure and commission savings. The company has been recognized for its innovative approach to real estate and has received awards from numerous tech, financial and real estate leaders, such as Forbes, PC Magazine, Fast Company and HousingWire.

Now, in 2019, while Owners.com no longer supports FSBO or flat fees, the company is excited to focus on providing premium customer experiences through their professional real estate agents.

Owners.com has helped sell over 160,000 residential properties since 2009.

Offices

Headquarters
RealHome Services and Solutions, Inc.
1000 Abernathy Road, Suite 245
Atlanta, GA 30328

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