Altisource Portfolio Solutions (ASPS) Tops Q2 EPS Views; Acquires CastleLine Holdings

Altisource Portfolio Solutions (NASDAQ: ASPS) reported Q2 EPS of $2.62, $1.28 better than the analyst estimate of $1.34. Revenue for the quarter came in at $236.6 million versus the consensus estimate of $229.45 million.

The company also announced the acquisition of CastleLine Holdings, LLC ("CastleLine"), a specialty risk management and insurance services firm.

CastleLine is the leading provider of Certified Loan Insurance products designed to protect mortgage market participants against losses caused by mortgage underwriting defects. The innovative Certified Loan Insurance Program is enabled by the CastleLine™ proprietary certification process. With the acquisition of CastleLine, Altisource strengthens its origination related offerings with products and services focused on mitigating risk in the origination, underwriting, purchase and securitization of residential mortgages and offers the opportunity to expand CastleLine's products and services into contiguous markets. CastleLine's leadership team will join Altisource.

"The acquisition of CastleLine aligns with our strategy to continue helping the mortgage banking industry safely and securely increase production while reducing costs and mitigating risks. Combined with our existing origination offerings through Altisource® Origination Services and our access to the members of the Lenders One® and Wholesale One® cooperatives, we add meaningful synergies to the existing CastleLine business model," said William B. Shepro, Chief Executive Officer of Altisource. "The acquisition also brings with it a highly talented leadership team. I am excited to welcome the CastleLine team to the Altisource family."

"Altisource and CastleLine together will continue to promote a safer and more efficient mortgage market that will benefit originators, correspondents, issuers and investors," said Bryan Binder, Chief Executive Officer of CastleLine. "Our customers and partners now have an incredible opportunity to benefit from Altisource's comprehensive and innovative suite of origination solutions. As part of the Altisource family, we know that we can bring great value to many participants of the mortgage market."

For earnings history and earnings-related data on Altisource Portfolio Solutions (ASPS) click here.

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