Document:

Exhibit 10.5

 

FIRST AMENDMENT TO SUPPORT SERVICES AGREEMENT

 

This First Amendment to Support Services Agreement (the “First Amendment”) is entered into as of October 1, 2012, and amends that certain Support Services Agreement dated August 10, 2012 (the “Agreement”) by and between OCWEN MORTGAGE SERVICING, INC., a United States Virgin Islands corporation (together with its parent and subsidiaries “Ocwen”) and ALTISOURCE SOLUTIONS S.À R.L., a limited liability company organized under the laws of the Grand Duchy of Luxembourg (together with its parent and subsidiaries “Altisource”).

 

Recitals

 

WHEREAS, pursuant to the Agreement, Ocwen was to provide certain services to Altisource and Altisource was to provide certain services to Ocwen; and

 

WHEREAS, Ocwen and Altisource now desire to amend Schedule I and Schedule II to the Support Services Agreement, as set forth below.

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                                      Amendment to Schedule I to the Support Services Agreement. Schedule I to the Support Services Agreement is hereby deleted in its entirety and replaced with the version of Schedule I attached to this First Amendment and incorporated herein by this reference.

 

2.                                      Amendment to Schedule II to the Support Services Agreement. Schedule II to the Support Services Agreement is hereby deleted in its entirety and replaced with the version of Schedule II attached to this First Amendment and incorporated herein by this reference.

 

3.                                      Counterparts. This First Amendment may be signed in counterparts with the same effect as if both parties had signed one and the same document.

 

4.                                      Agreement in Full Force and Effect as Amended. The terms and conditions of this First Amendment shall prevail over any conflicting terms and conditions in the Agreement. Capitalized terms that are used in this First Amendment not otherwise defined herein shall have the meanings ascribed to them in the Agreement. Except as specifically amended or waived hereby, all of the terms and conditions of the Agreement shall remain in full force and effect. All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended by this First Amendment. The parties hereto agree to be bound by the terms and obligations of the Agreement, as amended by this First Amendment, as though the terms and obligations of the Agreement were set forth herein.

 

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IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as of the date first written above by their duly authorized representatives.

 

 

	
 
    	
OCWEN   MORTGAGE SERVICING, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By   
    	
/s/ John V. Britti
    
	
 
    	
 
    	
Name:
    	
John   V. Britti
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President, Chief Financial Officer, Treasurer
    

 

 

	
 
    	
ALTISOURCE SOLUTIONS S.À R.L.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ William B. Shepro
    
	
 
    	
 
    	
Name:
    	
William   B. Shepro
    
	
 
    	
 
    	
Title:
    	
Manager
    

 

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SCHEDULE I

 

OCWEN-PROVIDED SERVICES

 

	
Services Provided
    	
 
    	
Service Period
    	
 
    	
Service Fee
    
	
FINANCE   AND ACCOUNTING

Services   Provided:

·                  Corporate   Accounting

·                  Accounts   Payables

·                  Accounts   Receivables

·                  Corporate   Secretary Support

·                  Financial   Reporting

·                  Payroll   Services

·                  Tax

·                  Treasury
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
HUMAN   RESOURCES

Services   Provided:

·                  Benefits   Administration

·                  Employee and   Contractor On-boarding

·                  Employee   Engagement

·                  HR   Administration

·                  HR Strategy and   Consulting

·                  HRIS   Administration and Reporting

·                  Performance   Management Platforms

·                  Personnel   Files

·                  Recruiting

·                  Salary   Administration

·                  Training and   Compliance Support
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    

 

Schedule I to the Support Services Agreement (as amended by the “First Amendment to Support Services Agreement” dated as of October 1, 2012).

 

Replaces original Schedule I to “Support Services Agreement” dated August 10, 2012.

 

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Services Provided
    	
 
    	
Service Period
    	
 
    	
Service Fee
    
	
LAW

Services   Provided:

·                  Contract   Review Services

·                  Corporate   Governance Services

·                  Intellectual   Property Maintenance Services

·                  Litigation   Management

·                  Regulatory   Compliance Services
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
RISK   MANAGEMENT

Services   Provided:

·                  Internal   Audit

·                  SOX Compliance   and SAS 70

·                  Business   continuity and SAS 70

·                  Six Sigma
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
OTHER   OPERATIONS SUPPORT

Services   Provided:

·                  Capital   Markets

·                  Modeling

·                  Quantitative   Analytics

·                  General   Business Consulting

·                  Business   Development
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    

 

2

 

SCHEDULE II

 

ALTISOURCE-PROVIDED SERVICES

 

	
Services Provided
    	
 
    	
Service   Period
    	
 
    	
Service   Fee
    
	
CONSUMER PSYCHOLOGY

Services Provided:

·                  Scripting   Support

·                  Staffing   Models

·                  Training Development

·                  User and Task   Analysis 
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
CORPORATE SERVICES

Services Provided:

·                  Facilities   Management

·                  Mailroom   Support

·                  Physical   Security

·                  Travel   Services
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
FINANCE   AND ACCOUNTING

Services   Provided:

·                  Accounting   Services and Reporting

·                  Accounts   Payables

·                  Accounts   Receivables

·                  Corporate   Secretary Support

·                  Financial   Reporting

·                  Payroll   Services

·                  Tax

·                  Treasury
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    

 

Schedule II to the Support Services Agreement (as amended by the “First Amendment to Support Services Agreement” dated as of October 1, 2012).

 

Replaces original Schedule II to “Support Services Agreement” dated August 10, 2012.

 

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Services Provided
    	
 
    	
Service   Period
    	
 
    	
Service   Fee
    
	
HUMAN   RESOURCES

Services   Provided:

·                  Benefits   Administration

·                  Employee and   Contractor On-boarding

·                  Employee   Engagement

·                  HR   Administration

·                  HR Strategy   and Consulting

·                  HRIS   Administration and Reporting

·                  Performance   Management Platforms

·                  Personnel   Files

·                  Recruiting

·                  Salary   Administration

·                  Training and   Compliance Support
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    
	
RISK   MANAGEMENT

Services   Provided:

·                  Internal   Audit

·                  SOX   Compliance and SAS 70

·                  Business   continuity and SAS 70

·                  Six Sigma
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    

 

2

 

 

	
Services Provided
    	
 
    	
Service   Period
    	
 
    	
Service   Fee
    
	
OTHER OPERATIONS SUPPORT

Services Provided:

·                  Capital   Markets

·                  Modeling

·                  Quantitative   Analytics

·                  General   Business Consulting

·                  Business   Development 
    	
 
    	
the Term
    	
 
    	
Fully   Allocated Cost
    

 

3Exhibit 10.6

 

FIRST AMENDMENT TO SERVICES AGREEMENT

 

This First Amendment to Services Agreement (the “First Amendment”) is entered into as of October 1, 2012, and amends that certain Services Agreement dated August 10, 2009 (the “Agreement”) by and between OCWEN FINANCIAL CORPORATION, a Florida corporation (“Ocwen,” or together with its Affiliates, “Ocwen Group”) and ALTISOURCE SOLUTIONS S.À R.L., a limited liability company organized under the laws of the Grand Duchy of Luxembourg (“Altisource,” or together with its Affiliates, “Altisource Group”).

 

Recitals

 

WHEREAS, pursuant to the Agreement, Altisource was to provide certain services to Ocwen for an initial term of eight (8) years, as set forth in Section 5(a) of the Agreement; and

 

WHEREAS, Altisource and Ocwen now desire to extend the initial term of the Agreement through August 31, 2020.

 

Agreement

 

NOW, THEREFORE, in consideration of the mutual covenants made herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.                                      Amendment to Section 5, Term, subparagraph (a) to the Agreement.  Section 5, Term, subparagraph (a) to the Agreement is hereby deleted in its entirety and replaced with the following:

 

(a)                                 The initial term shall commence on the date of the Agreement and shall continue in full force and effect, subject to Section 5(b), until August 31, 2020 (the “Initial Term”), or the earlier date upon which this Agreement has been otherwise terminated in accordance with the terms hereof.

 

2.                                      Amendment to Section 9, Miscellaneous, subparagraph (f) to the Agreement.  The notice address for Altisource specified in Section 9, Miscellaneous, subparagraph (f) is hereby deleted and replaced with the following:

 

Altisource Solutions S.à r.l.

291 route d’Arlon

L-1150 Luxembourg

Attn: Corporate Secretary

Fax No.: 352-2744-9499

With a copy to: contractmanagement@altisource.com

 

3.                                      Amendment to Schedule I to the Agreement.  Schedule I to the Agreement is hereby deleted in its entirety and replaced with the version of Schedule I to this First Amendment and incorporated herein by this reference.

 

4.                                      Amendment to Definitions of “Services Letter” and “Fee Letter”.  The definitions of “Services Letter” and “Fee Letter,” as set forth in Sections 2(a) and 4(a), respectively, are hereby modified to include the original letters, as defined therein, and all subsequent amendments and modifications thereto and restatements thereof.

 

5.                                      Counterparts.  This First Amendment may be signed in counterparts with the same effect as if both parties had signed one and the same document.

 

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6.                                      Agreement in Full Force and Effect as Amended.  The terms and conditions of this First Amendment shall prevail over any conflicting terms and conditions in the Agreement.  Capitalized terms that are used in this First Amendment not otherwise defined herein shall have the meanings ascribed to them in the Separation Agreement or the Agreement.  Except as specifically amended or waived hereby, all of the terms and conditions of the Agreement shall remain in full force and effect.  All references to the Agreement in any other document or instrument shall be deemed to mean the Agreement as amended by this First Amendment.  The parties hereto agree to be bound by the terms and obligations of the Agreement, as amended by this First Amendment, as though the terms and obligations of the Agreement were set forth herein.

 

IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed as of the date first written above by their duly authorized representatives.

 

 

	
 
    	
OCWEN   FINANCIAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By   
    	
/s/ Ronald M. Faris
    
	
 
    	
 
    	
Name:
    	
Ronald   M. Faris
    
	
 
    	
 
    	
Title:
    	
President   and Chief Executive Officer
    

 

 

	
 
    	
ALTISOURCE SOLUTIONS S.À R.L.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By   
    	
/s/ William B. Shepro
    
	
 
    	
 
    	
Name:
    	
William   B. Shepro
    
	
 
    	
 
    	
Title:
    	
Manager
    

 

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SCHEDULE I

 

	
Services Provided
    	
 
    	
Service Period
    
	
Valuation   Services
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Property   Preservation and Inspection
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
REO   Sales
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Trustee   Sales
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Title   Services
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Due   Diligence Services
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Mortgage   Charge off Collection
    	
 
    	
August 10, 2009 – August 31, 2020
    
	
Mortgage   Fulfillment and Underwriting Services
    	
 
    	
August 10, 2009 – August 31, 2020
    

 

Schedule I to the Services Agreement (as amended by the “First Amendment to Services Agreement” dated as of October 1, 2012).

 

Replaces original Schedule I to “Services Agreement” dated August 10, 2009.

 

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