LUXEMBOURG, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (NASDAQ: ASPS), an integrated service provider and marketplace for the real estate and mortgage industries, announced today that homebuyers and real estate investors can buy properties marketed on Equator.com and Hubzu.com by converting cryptocurrency into dollars with ForumPay, a leading cryptocurrency payment and conversion service, that makes it easier for buyers to choose cryptocurrency as a source of funds to purchase real estate. Buyers who select Premium Title, an Altisource affiliate, as their title and escrow provider will be given an option to purchase property using cryptocurrency. If that option is selected, buyers will be directed to the third party ForumPay website where their cryptocurrency will be converted at a fixed rate and their funds will be wired directly to Premium Title or the closing attorney, where required.
Until recently, the only feasible way to buy real estate with cryptocurrency was to convert the cryptocurrency into a government currency like U.S. Dollars, transfer that money to a personal account, and wire the funds the traditional way from a bank to an escrow agency. Through its arrangement with Altisource, ForumPay is offering an easier process where cryptocurrency is converted at a fixed rate and the funds are wired directly into a Premium Title escrow account, bypassing the need for buyers to hold the funds in their own bank account or place a wire themselves. Holders of cryptocurrency can buy any property on or off the MLS, Equator.com or Hubzu.com by selecting Premium Title as their title and escrow company and sending their Bitcoin, Litecoin, Dash, Ethereum or Bitcoin Cash to a ForumPay wallet for conversion.
“We are thrilled to announce our arrangement with ForumPay,” said Michael Jansta, SVP of Marketing, Altisource Marketplaces. “This is a game-changing functionality at the cutting edge of crypto adoption. When the value of cryptocurrencies surge to the upside, there are many investors who look to diversify some of those gains into other asset classes. We are very excited that Equator.com and Hubzu.com are the first marketplaces where homebuyers and real estate investors of all types can use their converted crypto to buy homes and investment properties.”
Altisource strives to stay ahead of the curve with respect to real estate technology and is proud to be the first company to provide buyers the option of using cryptocurrency to fund real estate purchases. Altisource remains focused on driving ever-increasing advances in real estate technology.
Altisource has an affiliated business relationship with ForumPay and Premium Title Services ("PTS"). Altisource does not own or control ForumPay.
About Equator.com®
Equator.com is an online real estate marketplace with a special focus on Single-Family Rental investing. By aggregating foreclosure sale properties, bank-owned properties, short sale properties, auction properties, and select active listings on the MLS, Equator.com enables real estate investors to search for Single-Family Rental opportunities by a variety of metrics, including estimated cash flow, gross yield, and net yield. Investors also benefit from powerful rental performance calculators pre-filled with property and market data for additional investment analysis, due diligence, and estimation. Equator is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses. For more information, please visit equator.com.
About Hubzu®
Hubzu is a leading online real estate marketing platform. Since 2009, Hubzu has facilitated the sale of over 229,000 homes in the United States via its transparent online marketing and auction process. Licensed agents and brokers use the Hubzu platform to market and facilitate the auction of properties for their clients. Home buyers benefit from Hubzu’s search tools and automated and transparent bidding process to find and purchase new homes. Hubzu is part of the Altisource® Portfolio Solutions S.A. family of businesses. Additional information is available at Hubzu.com, Facebook and LinkedIn
About Premium TitleTM
Premium Title is a national provider of title and settlement services to the mortgage and real estate industry. Premium Title issues title insurance and performs closings for refinance, reverse mortgage, HELOC transactions, REO and non-default purchase and sale transactions, and bulk single-family purchases and refinances. Our customized solutions integrate directly with leading loan origination software, helping create efficiency in the closing process. Premium Title is part of the Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) family of businesses.
About Altisource®
Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at altisource.com.
Source: Altisource Portfolio Solutions S.A.
| Investor Contact: Michelle D. Esterman Chief Financial Officer 770-612-7007 Michelle.Esterman@altisource.com | Press Contact: Michele Wixon Vice President, Strategic Marketing 617-728-6152 Michele.Wixon@altisource.com |
