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Tue, Jan. 26, 11:49 AM| Tue, Jan. 26, 11:49 AM
Mon, Jan. 25, 3:16 PM
- Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
- Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
- Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
- Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
- BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
Wed, Jan. 20, 9:54 AM
- Unbridled selling of the mortgage-related names continues in today's session.
- A sampling: PennyMac (PMT -3.9%), Ocwen (OCN -12.8%), Walter Investment (WAC -1.4%), Nationstar Mortgage (NSM -4.3%), New Residential (NRZ -3.8%), Altisource Portfolio (ASPS -12.2%).
- There's a general market panic going on, but there's also a plunge in interest rates which lowers the value of servicing portfolios as it makes refinancings more likely. Indeed, the MBA earlier today reported a 19% increase in mortgage refis last week.
- Owcen and New Residential come to mind as two with active buyback programs in place.
Nov. 24, 2015, 2:02 PM
- Consolidation in the servicer industry had been the norm prior to the housing crisis, with the market share of the top five at 59% in 2009 vs. 37% in 2001. In Q2 of this year, that market share had slipped to 40%. Nonbanks accounted for 9% of servicing in 2009, and 19% by 2014.
- With post-crisis increases in regulatory and counterparty oversight, significant boosts in costs to service mortgages (particularly NPLs), and new capital rules making it more costly to hold MSRs, it only makes sense for consolidation to return.
- Interested parties: PennyMac Mortgage (NYSE:PMT), Ocwen Financial (NYSE:OCN), Nationstar Mortgage (NYSE:NSM), New Residential (NYSE:NRZ), Altisource Portfolio (NASDAQ:ASPS), Walter Investment (NYSE:WAC).
Nov. 3, 2015, 2:57 PM
- The New Residential earnings call (transcript) seemed to put to rest the idea the company doesn't want to work with Ocwen FInancial (OCN +3.7%) in the future. NRZ management mentioned Ocwen a number of times in various capacities as a partner. Both Ocwen and Nationstar (NSM +0.4%), says New Residential CEO Michael Nierenberg, are very good at servicing delinquent loans and this would be an area where his company would look to make further acquisitions and work with the two.
- Turning to the Nationstar call, it appears that company isn't going to be in the market bidding for MSRs in the near-term as management implied it's looking to pay down debt and de-lever. Ocwen already has very low leverage and might be able to step in to some smaller deals.
- Nationstar might also be looking to raise capital for its Xome platform and mentioned a valuation of $1B, making a similar business Altisource Portfolio (ASPS +3.4%) is developing look very cheap.
- Previously: Earnings grow at New Residential (Nov. 3)
- Previously: Earnings slip at Nationstar Mortgage (Nov. 3)
Oct. 22, 2015, 9:14 AM
Oct. 22, 2015, 7:41 AM
- Q3 adjusted net income of $46.4M off 10% from a year ago. Adjusted EPS of $2.27 slipped 4%.
- Total service revenue of $245.5M vs. $247.7M a year ago. Mortgage service revenue of $182.2M vs. $170.8M. Cost of revenue of $147.4M vs. $149.6M.
- 200K shares bought back during quarter at average price of $26.88 each. Last night's close was $31.77.
- A portion of SSTL was bought back with a par value of $11M at 11% discount; net income included an after-tax gain of $800K on the early extinguishment of debt.
- Average number of loans serviced by Ocwen on REALServicing of 1.9M fell 15% from last year.
- Conference call at 11 ET
- Previously: Altisource Portfolio beats by $0.43, beats on revenue (Oct. 22)
- ASPS +8.6% in very thin premarket trade.
Oct. 22, 2015, 7:25 AM
- Altisource Portfolio (NASDAQ:ASPS): Q3 EPS of $1.82 beats by $0.43.
- Revenue of $272.78M (-5.2% Y/Y) beats by $36.48M.
- Shares +8% PM.
Oct. 21, 2015, 5:30 PM
- AB, ACAT, ACOR, ADS, AEP, ALK, APOL, ASPS, BCC, BEN, BHE, BMS, CAB, CAM, CAT, CBU, CEMP, COR, CRS, CY, DAN, DGX, DHR, DLX, DNKN, DOW, DPS, DST, EQM, EQT, FAF, FCX, FNB, GMT, GPK, GRA, HBAN, HUB.B, IVC, JNS, LAZ, LLY, LUV, MCD, MHO, MINI, MJN, MMM, NDAQ, NUE, NWE, ORI, PCP, PDS, PENN, PH, PHM, PRLB, PTEN, R, RCI, RS, RTN, SIRI, SJR, SNA, SQNS, STC, SWK, TCB, TROW, UA, UAL, UNP, USG, UTEK, WAB, WBC, WCC, XRS
Oct. 19, 2015, 9:13 AM
Oct. 13, 2015, 9:16 AM
Oct. 13, 2015, 8:03 AM
- RentRange is a provider of rental home data and information to the financial services and real estate industries, and Investability is an online residential real estate search and acquisition platform using data and analytics to help investors estimate cash flow, cap rates, net yield, and market value on properties for sale nationwide.
- Terms of the deals were not disclosed.
- Deal presentation slides
Oct. 8, 2015, 9:26 AM
- Less than six months after launch, Residential Investor One has brought 25 vendors onto its platform, says Altisource Portfolio Solutions (NASDAQ:ASPS). Among the members with access to these vendors are resale, rental, and corporate investors.
- The vendors look to be from a wide range of those serving the property investor community.
- Residential Investor One CEO Thomas O'Sullivan: "We are in a position to accelerate membership expansion and begin delivering on Residential Investor One's value proposition of enhancing efficiency and profitability for members through access to our preferred vendor network."
Aug. 31, 2015, 9:25 AM
- Among the highlights in the real estate market place: Hubzu sales hit a record in Q2 with more than 9K homes sold, the new Owners.com was introduced, and Residential Investor One was launched.
- In the mortgage marketplace: Continued growth in servicer outsourced services, growth in Lenders One Mortgage Cooperative, enhanced Mortgage Builder, expanded the number of of customers using Altisource's origination services, acquired CastleLline.
- "The industry is increasingly prioritizing working with providers of end-to-end solutions that have comprehensive compliance management systems," says CEO William Shepro. "Altisource (NASDAQ:ASPS) is well-positioned to win against these criteria."
- After tumbling hard throughout 2014, ASPS has been able to hold the line on its stock price so far this year.
Jul. 23, 2015, 12:44 PM
Jul. 23, 2015, 9:15 AM
Altisource Portfolio Solutions SA is a provider of real estate, mortgage, and asset recovery and customer relationship management services. The Company operates in three segments namely mortgage services, financial services and technology services.
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