Altisource Portfolio Solutions SA

Lenders One Cooperative has added Stephen Boney and Joseph Camerieri to its leadership team to drive the expansion of L1 Fulfillment Solutions. Boney joins as Senior Vice President of Originations Operations and Camerieri as Senior Vice President of Sales and Strategy, together bringing more than 60 years of combined mortgage origination experience. The two will lead the growth of L1 Fulfillment Solutions, a fully managed, end-to-end offering that lets Lenders One members use a pre-built, pre-configured, highly automated fulfillment platform powered by Altisource Fulfillment Operations, Inc. Boney previously held executive fulfillment roles at Newrez, Specialized Loan Servicing, PHH, Bank of America, and Merrill Lynch, supporting nearly $30 billion in annual originations, while Camerieri held leadership positions at Maxwell, Mortgage Cadence, LenderLive, FirstKey, and PHH. Lenders One President Rick Seehausen said the hires bring executive experience across all stages of the origination lifecycle to help lenders improve profitability and reduce costs. Lenders One members originate approximately 20% of the mortgages in the United States, and the cooperative is managed by a subsidiary of Altisource Portfolio Solutions S.A.

Altisource Portfolio Solutions reported second-quarter service revenue of $48.7 million, a 19% increase from the prior year, driven by customer wins in both the origination and servicer and real estate segments. Revenue from customers other than Onity and Rithm rose to 65% of total service revenue, the highest level since the company's 2009 IPO. Adjusted EBITDA declined due to prior-year one-time benefits, higher growth-related costs, and a $6.6 million use of operating cash tied mainly to receivables. The company repurchased $2 million of debt and is deploying artificial intelligence initiatives to improve efficiency and support future margin expansion. Management expects service revenue and adjusted EBITDA in the origination segment to grow based on recent sales wins and forecasted market conditions.