Moody's reviews Altisource for trim

Moody's Investors Service said it placed on review for downgrade Altisource Sarl's B3 corporate family rating and B3 long-term senior secured bank credit facility rating.

The review was prompted by the recent announcement from Altisource's chairman and chief executive officer about the uncertainty surrounding the revenues for downstream services that Altisource provides to Ocwen Loan Servicing, LLC, the operating subsidiary of PHH Mortgage Corp. on the loan portfolios owned by New Residential Investment Corp.

These revenues would account for about 40% of Altisource's total revenues in 2020 and do not include the revenues under the cooperative brokerage agreement between Altisource and New Residential.

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