According to the company, the name change will take effect on Feb. 21, 2018.
The company did not provide much detail on the actual reason for the name change, simply stating: “The company is excited to rebrand and believes that the new name reflects the company’s focus on providing quality, affordable rental homes to families throughout the United States.”
The company said that it plans to unveil a new logo, brand messaging, and a re-designed website as part of the transition into its new name.
The company said that its new website will be FrontYardResidential.com, although as of publication, the URL “FrontYardResidential.com” appeared to still available for sale.
Apparently, anyone who wants to buy “FrontYardResidential.com” can do so right now for only $980, as seen in the screenshot below, which was taken at 5 p.m. Eastern on Friday, Feb. 9, 2018.
As for the Altisource name, it’s caused confusion for some in the industry, due to the existence of Altisource Portfolio Solutions and Altisource Asset Management.
The relationship between the companies has caused issues in the past.
The New York Department of Financial Services began investigating the companies’ relationships with Ocwen Financial in early 2014.
The NYDFS investigation covered Ocwen’s relationship with Altisource Portfolio Solutions, Altisource Residential, Altisource Asset Management, and Home Loan Servicing Solutions, all of which were affiliated with Ocwen in one way or another.
Each of the companies was also chaired at one time by Ocwen’s founder, William Erbey.
That ended though when the NYDFS investigation led to the NYDFS fining Ocwen $150 million and forcing Erbey to resign from his position as chairman of Ocwen and his position as chairman of the affiliated companies.
Since then, Altisource Residential has shifted its business, significantly growing its portfolio of single-family rental homes.
A little over two years ago, Altisource’s portfolio of single-family rental homes checked in at 777 homes. Then Altisource nearly tripled its portfolio in a deal with Invitation Homes, acquiring 1,314 single-family rental homes for $111.4 million.
After that, the company made several significant acquisitions, including several deals with Amherst Holdings, one of which included buying more than 4,200 properties at once.
Last year, thanks to a three-part deal with Amherst, Altisource pushed its rental portfolio to more than 12,000 homes.
And soon, Altisource will leave that name behind and become Front Yard Residential.
Courtesy of housingwire.com and credit to Ben
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