Altisource is a fee-based service provider and marketplace for the U.S. mortgage and real estate industries. The company earns revenue on a per-transaction basis, so volumes of mortgage default and origination activity are the key business drivers. Altisource operates two segments: Servicer and Real Estate (~79% of service revenue), and Origination (~21%). The Servicer and Real Estate segment provides property preservation and inspection, foreclosure trustee services, residential renovation, valuation, title and settlement, and construction risk management to mortgage servicers and real estate investors dealing with distressed and defaulted loans. This segment also includes Hubzu, an online auction platform for foreclosed and bank-owned homes. The Origination segment serves mortgage lenders through loan fulfillment, title, valuation, and insurance services, and manages Lenders One, a cooperative that provides independent mortgage lenders with tools, automation software, and capital markets solutions. The Servicer and Real Estate segment is countercyclical — it benefits when delinquency rates and foreclosures rise — while Origination is procyclical, benefiting from higher loan origination volumes. Onity (formerly Ocwen) is Altisource's largest customer, accounting for 42% of revenue, which is a defining concentration risk. Altisource's costs are primarily labor, with most employees based in India, and management expects operating leverage as volumes recover.