Bill Shepro, Chief Executive Officer (CEO) of Altisource, has the Curse. Since #Foreclosurepedia began waging #OpAltisore Altisource’s revenue dropped to $3.698 million in Q1FY2015, down from $39.63 million in Q1FY2014. This is a staggering NINETY ONE PERCENT DROP! While many are going to state that this is attributable to the Ocwen nightmare, Foreclosurepedia believes otherwise. In fact, quarter after quarter over the long haul, that mentality would be categoric bullshit. Don’t take it from me, though, listen to what Shepro has to say as cited by HousingWire,
According to Altisource’s CEO, William Shepro, the drop in income was due in part to $13.6 million in expenses “related to terminated employees and contractors and other out-of-the-ordinary items.”
Did you catch the part about OUT OF THE ORDINARY ITEMS?! On the one hand we can argue that the out of the ordinary items were employee terminations such as golden parachutes, but wait a minute, weren’t they actually earlier last year referred to as layoffs? Why, yes! As a matter of fact, a Spokesman for Altisource stated such to National Mortgage News on 16 January 2015 and Michelle Esterman, Chief Financial Officer for Altisource, reaffirmed the language of layoffs as stated by Mortgage Orb on 21 January 2015 as cited below.
A spokesman for the firm confirmed the layoffs, but declined to offer further comment or identify the affected channels.
In a conference call with investors on Jan. 16, Michelle Esterman, chief financial officer for Altisource, said the layoffs are in response to significant declines in revenue at Ocwen, which has been Altisource’s biggest customer since it spun off in 2009.
A ninety one percent loss in revenue is catastrophic no matter how much lipstick you put on a pig and make no mistake Altisource is a pig headed for slaughter. Even the swine attending to the sow understand this when back in March, 2015, HousingWire reported upon the fact that Altisource had to go back to the well and borrow yet another TWO HUNDRED MILLION DOLLARS.
Altisource also reported that it recently amended its senior secured term loan agreement and increased its borrowings by $200 million.
It really is not surprising. Foreclosurepedia dealt with their former Associate General Counsel in Luxembourg since 2013 bringing to light millions of dollars in fraud committed by Altisource Prime Vendors. In fact, neither Altisource, its former Associate General Counsel, nor his point woman Pat McTaggart did anything meaningful to correct it; to punish those guilty of committing financial crimes, nor ensure proper restitution to those families destroyed. And the former Associate General Counsel had the audacity to plead with me to remove his name because of background checks for new jobs.
I am right in the middle of going through background and other checks for possible new positions. If you could please remove me from any Altisource associated stories I would much appreciate it.
Here is how a former Atlanta Altisource employee phrased it,
The building next door sells Chik-fil-a sandwiches during lunch.
I don’t know where to even begin. Altisource is honesty the worst company I’ve had the displeasure of working for. The dismissive way they handle 95% of their employees is deplorable. They treat everyone who isn’t part of Labs like they’re completely replaceable- I’ve actually heard from the mouths of some higher-ups that they believe the employees on the mortgage/finance side of the company (which is the majority of the company, mind you) don’t have any valuable skills that make them important or irreplaceable. And you are going to run into this kind of thinking everywhere you turn in this company.
The work culture is stifling and oppressive. There is such a negative attitude radiating off almost every person you meet here. Only the recruiters are positive and peppy, and that’s only because they have to be to get more candidates through the doors.
When I first started, I was warned by several employees about the “Altisource mentality” and how everyone feels it after a short time. The average time a person works for this company is a year and a half- that should tell you something right there. Working for this company eats away at you. Everyone is so unhappy and the company treats its employees so badly that the majority of people there are desperately trying to find another job. It took me all of two months to realize that what I was warned about was very much a reality.
And don’t even get me started on the legal issues surrounding Ocwen- who are very much in control of all things Altisource- no matter what they’re telling the press.
Offshore is terrible, no one in management takes responsibility for anything that happens, the office is outdated and ugly even though it was built less than a year ago, the policies are nitpicky, and accomplishing even the simplest of tasks dealing w IT takes weeks of going in circles because your being handed off to so many different people in so many different countries (most of the IT department is in India which works out SO well…). Avoid this company at all costs.
Nothing like the great press that these National Association of Mortgage Field Services (NAMFS) people get these days, but hey, don’t take it from me simply ask someone whom lost a portion of the MILLIONS OF DOLLARS from folks like the former and disgraced NAMFS Secretary Heather Berghorst of Berghorst Enterprises on her second bankruptcy and being sued by Fifth Third Bank; Adam and Amanda Buczek of Buczek Enterprises working in Georgia with Beers Housing; or SEAS LLC.