Altisource Taps Veteran Rick Seehausen to Steer Lenders One

LUXEMBOURG – February 13, 2026 – In a significant strategic move, Altisource Portfolio Solutions S.A. (NASDAQ: ASPS) today announced the appointment of mortgage industry veteran Rick Seehausen as the new President of Lenders One, its prominent cooperative for independent mortgage lenders. The appointment signals a focused effort by Altisource to bolster its Origination segment and enhance the competitive standing of Lenders One members in a rapidly evolving market.

Seehausen will now helm the strategic direction and daily operations of the national alliance, tasked with strengthening its value proposition for a network of over 240 member companies. His arrival comes at a pivotal moment for the industry, which is grappling with profitability pressures while anticipating a potential surge in origination volume.

“Rick is a highly respected leader with a deep understanding of the mortgage industry,” said William B. Shepro, Chief Executive Officer of Altisource, in the official announcement. “His experience makes him an excellent fit for Altisource, and I look forward to working closely with him as we shape the Company’s strategic direction and continue to scale our solutions across the origination and servicing markets.”

A Proven Playbook for Growth and Resilience

Seehausen brings to Lenders One a formidable three-decade track record defined by building, transforming, and steering mortgage companies through various market cycles. His career is a testament to strategic acquisitions and technological innovation, a playbook that seems tailor-made for the current challenges facing independent lenders.

Most notably, Seehausen co-founded LenderLive in 1999 and served as its President and CEO for nearly two decades. He was instrumental in transforming the company from a single-service loan processing firm into a diversified, tech-enabled services powerhouse. Under his leadership, LenderLive successfully navigated the 2008 financial crisis, executing a series of strategic acquisitions that broadened its capabilities. These included purchasing Guardian Mortgage Documents in 2008 and later adding title companies, technology platforms, and a document compliance business to its portfolio. His tenure culminated in the 2017 acquisition of PHH's private label services operations, which positioned LenderLive as the largest provider of loan fulfillment services in the nation.

More recently, as President, COO, and Vice Chairman of Cherry Creek Mortgage from 2019 to 2022, Seehausen orchestrated a complex financial restructuring and spearheaded the acquisition of a national real estate brokerage and a proptech company, further diversifying its business model. This history of driving growth and operational discipline is precisely what Altisource is betting on to invigorate its Origination segment.

Revitalizing the Cooperative's Competitive Edge

Lenders One stands as a significant force in the U.S. mortgage market. Its member base of independent mortgage bankers, banks, and credit unions collectively originated approximately $350 billion in mortgages during 2024. While this volume ranks the cooperative among the largest retail mortgage entities in the country, it also reflects a decline from the peak of $780 billion in 2020 and subsequent years, mirroring a broader market contraction.

Independent lenders, the core of the cooperative's membership, are currently navigating a treacherous landscape. The Mortgage Bankers Association (MBA) reported that the average lender lost $28 for every loan originated in the first quarter of 2025, underscoring the intense margin pressure. These lenders must also compete with large, well-capitalized institutions that can invest heavily in technology and marketing.

Seehausen’s mandate is to directly address these pain points. His focus will be on growing the cooperative's membership, increasing the adoption of its proprietary solutions like L1 Credit and L1 Verification, and launching new tools to help members reduce costs, maximize revenue, and compete more effectively. The cooperative model's strength lies in its ability to pool resources and bargaining power, and Seehausen's leadership is expected to sharpen that advantage.

Altisource's Strategic Bet on Origination

The high-profile appointment is a clear indicator of the importance Altisource places on its Origination segment as a key driver of future growth. The company has weathered recent market headwinds and is now on an upward trajectory. Altisource reported a 10% increase in Service revenue for 2024 and turned its Adjusted EBITDA from a loss in 2023 to a positive $17.4 million in 2024.

The company's guidance for 2025 projects continued growth, with Service revenue expected to reach between $165 million and $185 million. This forecast is predicated on a modest 13% growth in origination volume, highlighting the company's confidence in its ability to capture market share. In its Q3 2025 report, Altisource noted strong sales momentum in its Origination Solutions business and the addition of 9 net new members to the Lenders One Cooperative.

By placing a leader with Seehausen's track record at the helm of Lenders One, Altisource is making a strategic investment in the talent and experience needed to realize its growth ambitions. The goal is to create an indispensable ecosystem of technology, services, and strategic partners that makes Lenders One membership a critical competitive advantage.

Navigating the Market's Next Chapter

Seehausen takes the reins at a time of cautious optimism in the mortgage industry. While affordability remains a significant hurdle and regulatory oversight is expected to increase, most forecasts point to a market rebound. Fannie Mae projects a 28% increase in total mortgage originations for 2025, driven largely by an anticipated uptick in refinance activity as interest rates stabilize.

“I’m honored to join Altisource at such an important time for both the industry and the Company,” Seehausen stated. “Altisource and Lenders One have a strong foundation and a clear mission.”

His challenge will be to help the cooperative's members capitalize on this expected recovery. This will involve not only leveraging the cooperative's scale for better pricing and execution but also championing the adoption of technology and data analytics to streamline operations and improve borrower experiences. As the industry increasingly turns to AI and automation to combat rising costs and enhance efficiency, Seehausen’s experience in integrating technology will be a critical asset. His leadership will be closely watched as a barometer for the health and strategic direction of the independent lending community in the years ahead.