LUXEMBOURG, June 4, 2013 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions, S.A. (Nasdaq:ASPS), a leading provider of services and technology solutions for the real estate and mortgage industry, announced today the launch of its new Assisted Short Sale program. The innovative solution is poised to significantly increase the transparency of short sale transactions, shorten servicers' approval timelines and reduce the processing burden on borrowers and their real estate agents.
The Altisource™ Assisted Short Sale program leverages its Hubzu ® Real Estate Marketplace ( www.hubzu.com ) to provide a unique, efficient and fully transparent marketing and bidding process for short sales. By ensuring that homes are actively marketed and pending offers are published on Hubzu, Altisource expects to attract multiple bids on short sale properties improving the likelihood that homes are sold at market value quickly.
"Short sales can be quite frustrating for both sellers and buyers as the existing process is complicated and often forces servicers to make quick decisions based on limited information," said Joseph Davila, President of Altisource Mortgage Services. "Our program takes advantage of Hubzu's ability to provide equal and open access in the marketplace and an efficient platform to successfully transact. We make those benefits available to all parties involved in the process."Hubzu has been running a very successful online residential home sale platform that has generated more than 70,000 successful home sales since 2009. Servicers evaluating a short sale loan resolution now have the option to incorporate Hubzu into the short sale marketing process. Hubzu drives buyer traffic from its customer base (generating more than four million property views per month) to secure timely and competitive bids for homes on the website. The transparent marketing format and public display of competing bids associated with Hubzu and the Altisource Assisted Short Sale program, helps mitigate servicers' fears that homes are being sold below true market price.