AAMC - Altisource Asset Management in talks with investors for initial sales of current portfolio

• Altisource Asset Management ( NYSE: AAMC ) is in discussions with multiple investors for initial sales of its current portfolio, reflecting its capital-lite business model, the company said in an update Thursday. Shares of AAMC slid 2.6% in morning trading.
• In an effort to reduce principal risk, the Virgin Islands-based alternative lender said it expects to sell the majority, if not all, of originated and acquired loans on a weekly basis "when business is normalized."
• Furthermore, the company has no intension of growing corporate overhead, it said.
• AAMC also laid out its targeted revenue per loan sold for three of its products: closed loan/correspondent (1.50%-2.50%), wholesale originations (3.50%-4.00%) and direct-to-borrower originations (4.00%-5.50%).
• Previously, (August 11), Altisource Asset Management GAAP EPS of -$2.00, revenue of $0.53M .

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