SA News • Thu, Dec. 18
There are 3 articles on this stock available only to PRO subscribers.
From other sites
at Nasdaq.com (Wed, 3:49PM)
at Nasdaq.com (Wed, 9:00AM)
at Zacks.com (Nov 7, 2014)
Altisource Residential Corp.: 11% Yielding Single-Family Home Owner(ish)
- Altisource Residential Corp. is one of several young single-family home REITs.
- RESI, however, has a twist — it focuses on non-performing mortgage debt, giving it a visible platform for future property portfolio growth.
- A connection to embattled mortgage servicer Ocwen Financial, however, puts it into the “special situation” camp.
Altisource Residential Continues To Pile Up Income, Fueling Future Dividend Growth
- RESI just increased its dividend by 22%, double three quarters ago, with more to come.
- The business model of buying non-performing loans to acquire single family homes for rental is producing tremendous results.
- The current pace of dividend growth plus a moderate yield compression would result in a 100% one year total return.
Altisource Residential: Bullish In The Wake Of Its Recent Dividend Increase
- On Thursday, May 29, Altisource Residential announced it would be increasing its quarterly dividend by 12.5%.
- Two portfolio-related transactions helped boost the company's most recent earnings which beat estimates by $0.02/share.
- The company's net income as well as its upcoming dividend distributions could demonstrate significant long-term growth especially if its portfolio-related acquisition activity remains steady.
Altisource Residential's Independent Directors Should Terminate Or Renegotiate AAMC's Asset Management Agreement
- Short: Altisource Asset Management.
- Long: Altisource Residential.
- This is a summary. A copy of our full report can be downloaded at www.glaucusresearch.com.
Altisource Residential Corporation: A Great Buying Opportunity In A High-Yielding Stock
- Description and a buy recommendation for Altisource Residential Corporation.
- A portfolio of ten high-yielding dividend stocks that has outperformed the market by a big margin during the last 15 years.
- The 15-year average annual return of the portfolio was very high at 23.79%, while the return of the S&P 500 index during the same period was only 2.79%.
Altisource Residential Corporation: 'Mark To Model' Earnings
Altisource Residential: A Play On Real Estate Recovery
Thu, Dec. 18, 10:18 AM
- An earlier report had the NY Department of Financial Services and the CFPB investigating Ocwen for gaming short sale rules to boost its fees, so today's big rally in stocks is providing no relief to the battered shares of Altisource Portfolio Solutions (ASPS -5.4%), Altisource Asset Management (AAMC -4.8%) and Altisource Residential (RESI -1.7%).
Fri, Dec. 12, 4:33 PM
Thu, Nov. 20, 1:19 PM
- Heavily-shorted Ocwen Financial (OCN +9.8%) is having a big session with no new news readily apparent at the moment. We already know Ben Lawsky is exiting the New York Department of Financial Services. Will his replacement be any softer on Bill Erbey's empire?
- Altisource Portfolio Solutions (ASPS +4.4%), Altisource Asset Management (AAMC +0.6%), Altisource Residential (RESI +2.1%), Home Loan Servicing Solutions (HLSS +1.8%)
- Ocwen competitors: Nationstar Mortage (NSM +4.7%), Walter Investment (WAC +4.7%).
- Previously: Specialty servicers on the move as Lawsky looks to be exiting
Fri, Nov. 14, 3:43 PM
- Alongside earlier news that the $39M MSR purchase deal with Wells Fargo is officially kaput, Ocwen FInancial (OCN -8%) has lost a fan in Leon Cooperman, whose Omega Advisors unloaded its stake - which had amounted to 1.26% of fund holdings - in Q3.
- Meanwhile, Nationstar Mortgage (NSM +4.9%) is nicely higher perhaps on speculation it could step in to buy all, or more likely part of the Wells Fargo MSRs.
- Turning back to the Ocwen family, Sterne Agee reminds that Altisource Portfolio Solutions (ASPS -6.3%) gets 70-75% of its revenue from Ocwen or Ocwen-owned and serviced loans.
- Altisource Residential (RESI -1%), Home Loan Servicing Solutions (HLSS -1.1%)
Wed, Nov. 12, 11:29 AM
- With regulatory headaches all over, Altisource Portfolio Solutions (ASPS -20.2%) before the bell announced its exit from the Lender Placed Insurance brokerage business, and said to expect a $0.50-$0.65 per share hit to quarterly earnings going forward.
- A bull on ASPS during its remarkable run higher earlier this decade, Doug Kass one week ago announced he was dipping back into the stock (along with OCN) as he expects an Ocwen settlement with NY's DFS in 2015's first half. ASPS, he says, is a free cash flow machine, and has already repurchased about 10% of the float this fiscal year. Not wanting to lift its hind leg to regulators, ASPS will likely wait until several months after a DFS settlement to be even more aggressive with capital returns.
- Altisource Asset Management (AAMC -4.5%), Altisource Residential (RESI -5.4%), Home Loan Servicing Solutions (HLSS -1.1%)
Mon, Nov. 10, 3:12 PM
- Department of FInancial Services Superintendent, and gadfly to the nonbank servicers - particularly the Ocwen Financial (OCN -0.4%) family - Ben Lawsky is expected to head into the private sector early next year, reports the NY Post. His exit would be one of several occurring in wake of Governor Cuomo's reelection last week, as top staffers look to exit the low pay and long hours of government work.
- Ocwen, along with Altisource Asset (AAMC -0.6%), Altisource Portfolio Solutions (ASPS -2.1%), and Altisource Residential (RESI -0.1%) are all lower on the session, but higher now than they were before the story hit.
Tue, Nov. 4, 11:31 AM
- Q3 net income at Altisource Residential (RESI -10%) of $33.7M or $0.66 per share vs. $67.8M and $1.18 one quarter previous. Dividend of $0.55 vs. $0.45 in Q2.
- Completed acquisition of 1,289 mortgage loans with aggregate market value of underlying properties of $320.7M. In Q2, had agreed to acquire 4,374 NPLs with aggregate market value of underlying properties of $1.23B.
- Increased rental portfolio to 306 properties from 142 at end of Q2.
- Net unrealized gains on mortgage loans of $88.7M vs. $105M in Q2.
- Residential property operating expenses of $9.25M vs. $3.25M in Q2. Mortgage loan servicing costs of $21.2M vs. $16.9M.
- Previously: Altisource Residential misses by $0.33, misses on revenue
- Also reporting today, and also sharply lower is Altisource Asset Management (AAMC -8.9%) whose income in good part depends on activity at RESI.
- Previously: Altisource Asset Management reports Q3 profit.
Tue, Nov. 4, 7:58 AM| Comment!
Wed, Oct. 29, 3:36 PM
- Height Analytics analyst Edwin Groshans suggests $40M could be a reasonable number to send Ben Lawsky and his NY Dept. of Financial Services on their way.
- Ocwen (OCN +6.8%) is set to report its Q3 before the bell tomorrow, with a conference call coming at 11 ET.
- Altisource Portfolio Solutions (ASPS +1.4%), Home Loan Servicing Solutions (HLSS +0.2%), Altisource Asset Management (AAMC -4.7%), Altisource Residential (RESI -0.4%)
Wed, Oct. 22, 11:06 AM
- Bank of America and Evercore Partners throw in the towel on Ocwen Financial (OCN -8.5%), downgrading to Neutral/Hold, following yesterday's letter from Ben Lawsky's NY Dept. of Financial Services and the company's bungled response.
- Is it time to start thinking about a takeout? Sitting on Ocwen's board and presumably still a sizable shareholder is Wilbur Ross (NASDAQ:WLRH) who sold his Homeward Residential Holdings to Ocwen in 2012.
- Altisource Portfolio Solutions (ASPS -9.6%), Home Loan Servicing Solutions (HLSS -5.3%), Altisource Asset Management (AAMC -4.3%), Altisource Residential (RESI -4.5%).
- Other industry players: Nationstar Mortgage (NSM), Walter Investment (WAC +0.5%), New Residential (NRZ +0.1%), PennyMac FInancial (PFSI -0.4%).
- Previously: Moody's downgrades Ocwen following DFS allegations
Tue, Oct. 21, 2:57 PM
- "We believed we have solved the letter dating issues that have been identified to date," says Ocwen Financial (OCN -19.1%), responding to a letter from the NY's Dept. of Financial Services alleging the company backdated correspondence in an attempt to keep those possibly eligible for loan mods from moving forward with the process.
- The company says software errors caused the improper dating to some borrowers.
- "As always," says Ocwen, "our goal is to avoid foreclosure," and notes in the case of 283 borrowers in New York who received incorrectly dated letters, 281 remain borrowers with the company.
- Source: Press Release
- Previously: Ocwen family tumbles as Lawsky targets backdating
- Altisource Portfolio Solutions (ASPS -12.5%), Altisource Asset Management (AAMC -5.9%), Altisource Residential (RESI -5.7%), Home Loan Servicing Solutions (HLSS -5.2%).
Tue, Oct. 21, 12:22 PM
- Conducting a review of Ocwen Financial's (OCN -10.9%) servicing practices, Ben Lawsky's team at the New York Dept. of Financial Services has "uncovered serious issues ... including Ocwen's backdating of potentially hundreds of thousands of letters to borrowers, likely causing them significant harm."
- Full letter from DFS to Ocwen management
- In a typical case, says DFS, borrowers received a letter denying a mortgage loan mod, with the letter dated more than 30 days prior to the date Ocwen mailed it. The borrowers had 30 days to appeal the denial, but that period had elapsed before they ever received the letter.
- Even worse, says DFS, Ocwen did nothing to investigate or address the issue when an employee alerted the company's VP of Compliance.
- "If Ocwen cannot demonstrate immediately that it is capable of propertly servicing borrowers' needs, the Department intends to take whatever action is necessary to ensure that borrowers are protected."
- Altisource Portfolio Solutions (ASPS -8.3%), Altisource Asset Management (AAMC -5.9%), Altisource Residential (RESI -2.2%), Home Loan Servicing Solutions (HLSS -2.2%).
Fri, Sep. 5, 9:23 AM
Mon, Aug. 18, 5:35 PM
Mon, Aug. 4, 12:22 PM
- It's more declines for the "Ocwen complex" as New York DFS boss Ben Lawsky sends a letter to Ocwen Financial (OCN -2.8%) about a "troubling transaction" with Altisource Portfolio Solutions (ASPS -9.6%) involving force-place insurance.
- "This complex arrangement appears designed to funnel as much as $65M in fees annually from already-distressed homeowners to Altisource for minimal work."
- Altisource Asset Management (AAMC -6.9%), Altisource Residential (RESI -5.2%), Home Loan Servicing Solutions (HLSS -0.3%)
- Not part of the Ocwen group, but also worth watching: Nationstar Mortgage (NSM -2.3%) and Walter investment (WAC -2.9%).
Fri, Aug. 1, 5:40 PM
RESI vs. ETF Alternatives
Altisource Residential Corporation is a real estate investment trust. The Company acquires, owns and manages single-family rental properties throughout the United States. It is also focused on acquiring non-performing mortgage loans.
Other News & PR