Press Release: Larry Chiavaro joins First Associates, Inc. as Executive Vice President

San Diego, CA (May 14, 2010) – National loan servicer First Associates, Inc. today welcomed nationally-known sales leader Laurence Chiavaro as Executive Vice President and Equity Partner in the company. Chiavaro will direct the development of First Associates' business relationships, bringing the company's comprehensive servicing capabilities to financial institutions, private equity groups, government agencies and other consumer finance entities.

“With his depth of experience, industry knowledge, and long-standing commitment to integrity, we're proud to welcome Larry to our management team,” said Doug Henkel, CEO of First Associates, Inc. “Larry's proven ability to create win-win solutions throughout his career makes him a natural fit for our organization, and we look forward to his great success.”

Chiavaro brings more than 20 years of consumer loan experience to his new role, most recently with CSC Financial Services Group. As Regional Vice President at CSC, Chiavaro increased new business loan servicing contracts 300% despite a challenging economic climate. Previously, Chiavaro served as Vice President at Systems and Services Technology, Inc. and at Novastar Mortgage, Inc. His work with Novastar resulted in a record increase in production and the development of a high performance national sales force.

Chiavaro has also served as Senior Vice President at Interstate Net Bank, and as a key Sales and Business Development leader at HSBC Auto Finance and GE Capital Corp. Consistently delivering breakthrough results, Chiavaro's performance while at GE Capital earned him the right to present his successful in-house financing program to Jack Welch, former CEO of General Electric. Chiavaro will maintain an east coast presence in New York and will support First Associates clients nationally. He can be reached at lchiavaro@1stassociates.com.

Press Release: First Associates implements Altisource's REALRemit® E-commerce Invoicing System

KENNESAW, GA, Mar.29 - Altisource Portfolio Solutions, an end-to-end provider of products and services for the mortgage industry, announces that San Diego, California-based consumer loan servicing firm First Associates, Inc. has implemented Altisource's REALRemit®, an automated e-commerce invoicing and borrower payment portal solution, to manage its accounts payable and borrower loan payments. By implementing this solution, First Associates has established the invoicing and payment foundation to support and accommodate its high growth as well as the multiple asset classes it handles.

“Managing customer and vendor invoicing and payments can be very time consuming and tedious,” said Doug Henkel, CEO of First Associates. “If a company doesn't have a system that can accommodate expanding activity levels, the entire business operation's growth can be compromised. Since we're in a high growth mode servicing multiple asset classes, we needed a solution that was powerful enough to keep us ahead of the curve.”

“We gave Altisource our ideal list of what we wanted and they made it happen,” said Henkel. “There's a big difference in how each of our asset classes is handled, and I'm used to having to educate technology vendors on the nuances of the business. That was not the case with Altisource, which saved us a huge amount of time and money in getting the system up and running.”

About REALRemit®
REALRemit® is a patented e-commerce vendor invoicing and payment system as well as a web-based borrower loan payment solution that helps organizations manage the complex tasks involved with the vendor bill presentment and payment cycle. REALRemit® integrates seamlessly with the client company's bank, financial system and credit card processor as well as with any accounts payable system, loan transaction system or consumer-facing portal. The system also enables direct deposit and credit card settlements along with electronic payment notification.

SOURCE: Altisource Portfolio Solutions S.A.
CONTACT: Altisource Portfolio Solutions S.A.
Robert D. Stiles, Chief Financial Officer
+352 2469 7903

Press Release: First Associates Announces Successful Completion of SAS 70 Type II Audit

SAN DIEGO, Feb. 23 /PRNewswire/ – National loan servicer First Associates, Inc. today announced its successful completion of an SAS 70 Type II audit.  SAS 70, or the Statement on Auditing Standards No.70, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA), used to report on the processing of transactions by service organizations.

One of the many advantages of an SAS 70 audit is that it allows First Associates' controls and operations to be independently verified by an unbiased third party, ensuring clients that all customer information is securely maintained and thoroughly protected. Through the successful completion of the SAS 70 Audit, First Associates also assists its publicly-held clients who are required to comply with the Sarbanes-Oxley Act of 2002, by providing transparency into First Associates' internal control objectives.

“At First Associates, the security of our clients' information has long been a top priority, reflected in every financial transaction we undertake,” says Doug Henkel, CEO of First Associates, Inc. “We have consistently received industry recognition for exceeding high performance standards and quality customer support, and we are proud to report that our internal control structure and security processes have also been independently recognized and verified, without exceptions.” The SAS 70 Type II Audit was completed by an independent accounting firm, to ensure that high operational standards are in place for both First Associates' internal controls as well as its outsourced servicing functions.

For specific information regarding First Associates' SAS 70 report results, please contact Alexa Del Pilar at (858) 451-2444, extension 333.