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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ALTISOURCE PORTFOLIO SOLUTIONS S.A.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of issuer as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Luxembourg</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2-8 Avenue Charles de Gaulle, L-1653 Luxembourg<BR>
Grand Duchy of Luxembourg, R.C.S. Luxembourg: B 72 391</B><BR>
(Address of Principal Executive Offices) (Zip Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2009 EQUITY INCENTIVE PLAN</B><BR>
(Full title of the plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Kevin J. Wilcox<BR>
Chief Administration Officer and General Counsel<BR>
Altisource Portfolio Solutions S.A.<BR>
2-8 Avenue Charles de Gaulle, L-1653 Luxembourg<BR>
Grand Duchy of Luxembourg, R.C.S. Luxembourg: B 72 391</B><BR>
(Name and address of Agent For Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(407)&nbsp;737-5419</B><BR>
(Telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large
 accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
 of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting
 company&#148; in Rule&nbsp;12b-2 of the
 Exchange Act. (Check one):</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" valign="top">Accelerated filer
<FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT><BR>(Do not check if a smaller reporting company)</TD>
    <TD align="center">&nbsp;</TD>
    <TD nowrap align="center" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">maximum</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of securities</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">maximum offering</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">to be registered </TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registered (1)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">per share (2)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">price</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registration fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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                    <TD align="center" style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common stock,
par value $1.00 per
share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">6,666,667</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">$2.72</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">$18,133,334</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">$1,011.84</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<tr style="font-size:3pt"><td>&nbsp;</td></tr>
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</DIV>




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<TR>
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    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement covers, in addition to the number of shares of Altisource
Portfolio Solutions S.A., a Luxembourg soci&#233;t&#233; anonyme, common stock, par value $1.00 per share
(the &#147;Common Stock&#148;), stated above, options and other rights to purchase or acquire the shares of
Common Stock covered by this Registration Statement and, pursuant to Rule 416(c) under the
Securities Act of 1933, as amended, an
additional indeterminate number of shares, options and other rights that may be offered or issued
pursuant to the Altisource Portfolio Solutions S.A. 2009 Equity Incentive Plan as a result of one
or more adjustments under the Plan to prevent dilution resulting from one or more stock splits,
stock dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee, pursuant to
Rule&nbsp;457(h), on the basis of $2.72 per share, representing the book value per share of Common Stock
on June&nbsp;30, 2009 since there is no current market for the Common Stock offered. The number of
shares outstanding reflects additional share issuances subsequent to June&nbsp;30, 2009 made in
connection with the Separation described in the Explanatory Note below.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









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<DIV style="font-family: 'Times New Roman',Times,serif">






<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7.Exemption From Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8.Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g20088exv4w1.htm">EX-4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="g20088exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="g20088exv23w2.htm">EX-23.2</A></TD></TR>
</TABLE>
</CENTER>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 registers shares of common stock, par value $1.00 per
share (the &#147;Common Stock&#148;), of Altisource Portfolio Solutions S.A., a Luxembourg soci&#233;t&#233; anonyme
(&#147;Registrant,&#148; &#147;Altisource&#148; or the &#147;Company&#148;), as well as an indeterminate amount of interests,
which may be offered or sold pursuant to certain equity plans adopted by the Registrant. The
Registrant filed a Registration Statement on Form&nbsp;10 with the U.S. Securities and Exchange
Commission (the &#147;Commission&#148;) on May&nbsp;13, 2009, as amended (the &#147;Form&nbsp;10 Registration Statement&#148;),
and has applied to list its Common Stock on The NASDAQ Stock Market LLC under the symbol &#147;ASPS.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In November&nbsp;2008, the Board of Directors of Ocwen Financial Corporation (&#147;Ocwen&#148;) authorized
the pursuit of a plan to separate, through a tax free spin-off, the majority of the operations of
the knowledge process outsourcing business currently known as the Ocwen Solutions business, into a
separate public company (the &#147;Separation&#148;). The Separation is subject to certain conditions
including but not limited to confirmation of the tax-free treatment of the spin-off, necessary
regulatory approvals, any required lender counterparty consents and final approval by the Ocwen
Board of Directors. Given the need to consolidate the businesses that perform Altisource&#146;s
operations and the selection of Altisource Portfolio Solutions S.A., Ocwen will incur taxes to the
extent that the fair market value of a transferred asset exceeds Ocwen&#146;s basis in such assets in
accordance with the Internal Revenue Code. In connection with the Separation, Ocwen will distribute
all of the Altisource Common Stock to Ocwen&#146;s shareholders. Ocwen&#146;s shareholders will receive one
share of Altisource Common Stock for every three shares of Ocwen common stock held as of the Record
Date of the Separation (on an as if converted basis). Assuming final approvals are obtained, Ocwen
currently is targeting the Separation to occur on August&nbsp;10, 2009.
</DIV>
<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PART I</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN<BR>
THE SECTION 10(a) PROSPECTUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing information specified in the instructions to Part&nbsp;I of Form S-8 will
be sent or given to employees participating in the 2009 Equity Incentive Plan as specified by Rule
428(b)(1) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). Those documents and
the documents incorporated by reference into this Registration Statement pursuant to Item&nbsp;3 of Part
II of this Registration Statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PART II</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN<BR>
REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Company with the Commission are incorporated in this
Registration Statement by reference and made a part of this Registration Statement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company&#146;s Form&nbsp;10 Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), since the initial filing of the
Form&nbsp;10 Registration Statement referred to in paragraph (a)&nbsp;above; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the Company&#146;s Common Stock, par value $1.00 per share, contained in
the Company&#146;s Form&nbsp;10 Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents that are subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of the filing of the Form&nbsp;10
Registration Statement referred to in paragraph (a)&nbsp;above (and that are filed prior to the filing
of a post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities remaining unsold) shall also be deemed to be incorporated by reference
into this Registration Statement and to be a part hereof commencing on the respective dates on
which such documents are filed; except that any document or portion thereof that is furnished to,
rather than filed with, the Commission is not incorporated by reference in this Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
in any other contemporaneously or subsequently filed document which also is or is deemed to be
incorporated by reference in this Registration Statement modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary of material terms is qualified in its entirety by reference to the
complete text of the statutes referred to below and the Company&#146;s Articles of Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altisource is incorporated under the laws of the Grand Duchy of Luxembourg, in the City of
Luxembourg.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altisource shall indemnify its directors and officers against expenses and costs reasonably
incurred by him in connection with any action, suit or proceeding to which he may be made a party
by reason of his being or having been a director or officer of the Company unless the liability
results from their gross negligence or willful misconduct. The Company&#146;s Articles of Incorporation
make indemnification of directors and officers and advancement of expenses (except in cases where
Altisource is proceeding against an officer or director) to defend claims against directors and
officers mandatory on the part of Altisource to the fullest extent allowed by law. Under
Altisource&#146;s Articles of Incorporation, a director or officer may not be indemnified if such person
is found, in a final judgment or decree not subject to appeal, to have
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">committed willful misconduct or a grossly negligent breach of his or her statutory duties as a
director or officer. Luxembourg law permits the Company, or each director or officer individually,
to purchase and maintain insurance on behalf of such directors and officers. Altisource may obtain
such insurance from one or more insurers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altisource also may enter into indemnification agreements with each of its directors and
officers to provide for indemnification and expense advancement (except in cases where Altisource
is proceeding against an officer or director) and include related provisions meant to facilitate
the indemnitee&#146;s receipt of such benefits. We expect any such agreement to provide that Altisource
will indemnify each director and officer against claims arising out of such director or officer&#146;s
service to Altisource except (i)&nbsp;for any claim as to which the director or officer is adjudged in a
final and non-appealable judgment to have committed willful misconduct or a grossly negligent
breach of his duties or (ii)&nbsp;in the case of fraud or dishonesty by the director or officer. We also
expect any such agreement to provide that expense advancement is provided subject to an undertaking
by the indemnitee to repay amounts advanced if it is ultimately determined that he is not entitled
to indemnification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Altisource (if a majority of the Board is disinterested in the claim
under which the officer or director is seeking indemnification) or an independent counsel will
determine whether an indemnification payment or expense advance should be made in any particular
instance and the officer or director seeking indemnification may challenge such determination.
Indemnification and advancement of expenses generally will not be made in connection with
proceedings brought by the indemnitee against Altisource.
</DIV>
<!-- link2 "Item&nbsp;7.Exemption From Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;8.Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed herewith or incorporated by reference as a part of this
Registration Statement:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Articles of Incorporation of Altisource Portfolio Solutions
S.A. (incorporated by reference to the Company&#146;s Registration
Statement on Form&nbsp;10 filed with the Commission on May&nbsp;13,
2009, as amended (File No.&nbsp;001-34354)).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Certificate of Common Stock.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 Equity Incentive Plan (incorporated by reference to the
Company&#146;s Registration Statement on Form&nbsp;10 filed with the
Commission on
May&nbsp;13, 2009, as amended (File No.&nbsp;001-34354)).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Counsel regarding the legality of the Common Stock.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Counsel (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included in this Registration Statement
under &#147;Signatures&#148;)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Rule&nbsp;415 offering</I>.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(1)&nbsp;&nbsp;To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by
section 10(a)(3) of the Securities Act of
1933 (the &#147;Securities Act&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any
facts or events arising after the
effective date of the Registration
Statement (or the most recent
post-effective amendment thereof)
which, individually or in the
aggregate, represent a fundamental
change in the information set
forth in the Registration
Statement. Notwithstanding the
foregoing, any increase or
decrease in volume of securities
offered (if the total dollar value
of securities offered would not
exceed that which was registered)
and any deviation from the low or
high end of the estimated maximum
offering range may be reflected in
the form of a prospectus filed
with the Commission pursuant to
Rule 424(b) if, in the aggregate,
the changes in volume and price
represent no more than 20&nbsp;percent
change in the maximum aggregate
offering price set forth in the
&#147;Calculation of Registration Fee&#148;
table in the effective
Registration Statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material
information with respect to the
plan of distribution not
previously disclosed in the
Registration Statement or any
material change to such
information in the Registration
Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished
to the Commission by the Registrant pursuant to section 13 or section 15(d)
of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) that are
incorporated by reference in the Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(2)&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(3)&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination
of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(<I>b</I>)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Filings incorporating subsequent Exchange Act documents by reference</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of
the Exchange Act that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to
the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(<I>h</I>)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Filing of Registration Statement on </I><I>Form S-8</I><I>.</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the provisions described under Item&nbsp;6 above, or
otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Kennesaw, Georgia on August&nbsp;7, 2009
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTISOURCE PORTFOLIO SOLUTIONS S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William B. Shepro
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William B. Shepro, Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>POWER OF ATTORNEY</B>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints each of William B. Shepro and Robert D. Stiles his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his
substitute, may lawfully do or cause to be done by virtue thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on August&nbsp;7, 2009
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William B. Shepro
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William B. Shepro
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer and Director<br>&nbsp;(Principal
Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert D. Stiles
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert D. Stiles
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer<br>&nbsp;(Principal
Financial Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kevin J. Wilcox
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kevin J. Wilcox
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Chief Administration Officer and General
Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William C. Erbey
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William C. Erbey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board of Directors&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Articles of Incorporation of Altisource Portfolio Solutions
S.A. (incorporated by reference to the Company&#146;s Registration
Statement on Form&nbsp;10 filed with the Commission on May&nbsp;13,
2009, as amended (File No.&nbsp;001-34354)).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Certificate of Common Stock.</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 Equity Incentive Plan (incorporated by reference to the
Company&#146;s Registration Statement on Form&nbsp;10 filed with the
Commission on
May&nbsp;13, 2009, as amended (File No.&nbsp;001-34354)).</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Counsel regarding the legality of the Common Stock.</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Counsel (included in Exhibit&nbsp;5.1).</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney (included in this Registration Statement
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sv8
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
(Exact name of issuer as specified in its charter)
Luxembourg
(State or other jurisdiction of
incorporation or organization)
Not Applicable
(I.R.S. Employer
Identification No.)
2-8 Avenue Charles de Gaulle, L-1653 Luxembourg
Grand Duchy of Luxembourg, R.C.S. Luxembourg: B 72 391
(Address of Principal Executive Offices) (Zip Code)
2009 EQUITY INCENTIVE PLAN
(Full title of the plan)
Kevin J. Wilcox
Chief Administration Officer and General Counsel
Altisource Portfolio Solutions S.A.
2-8 Avenue Charles de Gaulle, L-1653 Luxembourg
Grand Duchy of Luxembourg, R.C.S. Luxembourg: B 72 391
(Name and address of Agent For Service)
(407) 737-5419
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large
 accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
 of "large accelerated filer," "accelerated filer" and "smaller reporting
 company" in Rule 12b-2 of the
 Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
maximum
Title of securities
Amount to be
maximum offering
aggregate offering
Amount of
to be registered
registered (1)
per share (2)
price
registration fee
Common stock,
par value $1.00 per
share
6,666,667
$2.72
$18,133,334
$1,011.84
1
This Registration Statement covers, in addition to the number of shares of Altisource
Portfolio Solutions S.A., a Luxembourg société anonyme, common stock, par value $1.00 per share
(the "Common Stock"), stated above, options and other rights to purchase or acquire the shares of
Common Stock covered by this Registration Statement and, pursuant to Rule 416(c) under the
Securities Act of 1933, as amended, an
additional indeterminate number of shares, options and other rights that may be offered or issued
pursuant to the Altisource Portfolio Solutions S.A. 2009 Equity Incentive Plan as a result of one
or more adjustments under the Plan to prevent dilution resulting from one or more stock splits,
stock dividends or similar transactions.
2
Estimated solely for the purpose of calculating the registration fee, pursuant to
Rule 457(h), on the basis of $2.72 per share, representing the book value per share of Common Stock
on June 30, 2009 since there is no current market for the Common Stock offered. The number of
shares outstanding reflects additional share issuances subsequent to June 30, 2009 made in
connection with the Separation described in the Explanatory Note below.
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7.Exemption From Registration Claimed
Item 8.Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-4.1
EX-5.1
EX-23.2
Table of Contents
EXPLANATORY NOTE
This Registration Statement on Form S-8 registers shares of common stock, par value $1.00 per
share (the "Common Stock"), of Altisource Portfolio Solutions S.A., a Luxembourg société anonyme
("Registrant," "Altisource" or the "Company"), as well as an indeterminate amount of interests,
which may be offered or sold pursuant to certain equity plans adopted by the Registrant. The
Registrant filed a Registration Statement on Form 10 with the U.S. Securities and Exchange
Commission (the "Commission") on May 13, 2009, as amended (the "Form 10 Registration Statement"),
and has applied to list its Common Stock on The NASDAQ Stock Market LLC under the symbol "ASPS."
In November 2008, the Board of Directors of Ocwen Financial Corporation ("Ocwen") authorized
the pursuit of a plan to separate, through a tax free spin-off, the majority of the operations of
the knowledge process outsourcing business currently known as the Ocwen Solutions business, into a
separate public company (the "Separation"). The Separation is subject to certain conditions
including but not limited to confirmation of the tax-free treatment of the spin-off, necessary
regulatory approvals, any required lender counterparty consents and final approval by the Ocwen
Board of Directors. Given the need to consolidate the businesses that perform Altisource's
operations and the selection of Altisource Portfolio Solutions S.A., Ocwen will incur taxes to the
extent that the fair market value of a transferred asset exceeds Ocwen's basis in such assets in
accordance with the Internal Revenue Code. In connection with the Separation, Ocwen will distribute
all of the Altisource Common Stock to Ocwen's shareholders. Ocwen's shareholders will receive one
share of Altisource Common Stock for every three shares of Ocwen common stock held as of the Record
Date of the Separation (on an as if converted basis). Assuming final approvals are obtained, Ocwen
currently is targeting the Separation to occur on August 10, 2009.
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
The documents containing information specified in the instructions to Part I of Form S-8 will
be sent or given to employees participating in the 2009 Equity Incentive Plan as specified by Rule
428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Those documents and
the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part
II of this Registration Statement, taken together, constitute a prospectus that meets the
requirements of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN
REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
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The following documents filed by the Company with the Commission are incorporated in this
Registration Statement by reference and made a part of this Registration Statement:
(a) The Company's Form 10 Registration Statement;
(b) All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the initial filing of the
Form 10 Registration Statement referred to in paragraph (a) above; and
(c) The description of the Company's Common Stock, par value $1.00 per share, contained in
the Company's Form 10 Registration Statement.
In addition, all documents that are subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of the filing of the Form 10
Registration Statement referred to in paragraph (a) above (and that are filed prior to the filing
of a post-effective amendment that indicates that all securities offered have been sold or that
deregisters all securities remaining unsold) shall also be deemed to be incorporated by reference
into this Registration Statement and to be a part hereof commencing on the respective dates on
which such documents are filed; except that any document or portion thereof that is furnished to,
rather than filed with, the Commission is not incorporated by reference in this Registration
Statement.
Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained in this Registration Statement or
in any other contemporaneously or subsequently filed document which also is or is deemed to be
incorporated by reference in this Registration Statement modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers
.
The following summary of material terms is qualified in its entirety by reference to the
complete text of the statutes referred to below and the Company's Articles of Incorporation.
Altisource is incorporated under the laws of the Grand Duchy of Luxembourg, in the City of
Luxembourg.
Altisource shall indemnify its directors and officers against expenses and costs reasonably
incurred by him in connection with any action, suit or proceeding to which he may be made a party
by reason of his being or having been a director or officer of the Company unless the liability
results from their gross negligence or willful misconduct. The Company's Articles of Incorporation
make indemnification of directors and officers and advancement of expenses (except in cases where
Altisource is proceeding against an officer or director) to defend claims against directors and
officers mandatory on the part of Altisource to the fullest extent allowed by law. Under
Altisource's Articles of Incorporation, a director or officer may not be indemnified if such person
is found, in a final judgment or decree not subject to appeal, to have
Table of Contents
committed willful misconduct or a grossly negligent breach of his or her statutory duties as a
director or officer. Luxembourg law permits the Company, or each director or officer individually,
to purchase and maintain insurance on behalf of such directors and officers. Altisource may obtain
such insurance from one or more insurers.
Altisource also may enter into indemnification agreements with each of its directors and
officers to provide for indemnification and expense advancement (except in cases where Altisource
is proceeding against an officer or director) and include related provisions meant to facilitate
the indemnitee's receipt of such benefits. We expect any such agreement to provide that Altisource
will indemnify each director and officer against claims arising out of such director or officer's
service to Altisource except (i) for any claim as to which the director or officer is adjudged in a
final and non-appealable judgment to have committed willful misconduct or a grossly negligent
breach of his duties or (ii) in the case of fraud or dishonesty by the director or officer. We also
expect any such agreement to provide that expense advancement is provided subject to an undertaking
by the indemnitee to repay amounts advanced if it is ultimately determined that he is not entitled
to indemnification.
The Board of Directors of Altisource (if a majority of the Board is disinterested in the claim
under which the officer or director is seeking indemnification) or an independent counsel will
determine whether an indemnification payment or expense advance should be made in any particular
instance and the officer or director seeking indemnification may challenge such determination.
Indemnification and advancement of expenses generally will not be made in connection with
proceedings brought by the indemnitee against Altisource.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8. Exhibits.
The following exhibits are filed herewith or incorporated by reference as a part of this
Registration Statement:
Exhibit Number
Description
3.1
Articles of Incorporation of Altisource Portfolio Solutions
S.A. (incorporated by reference to the Company's Registration
Statement on Form 10 filed with the Commission on May 13,
2009, as amended (File No. 001-34354)).
4.1
Form of Certificate of Common Stock.
4.2
2009 Equity Incentive Plan (incorporated by reference to the
Company's Registration Statement on Form 10 filed with the
Commission on
May 13, 2009, as amended (File No. 001-34354)).
5.1
Opinion of Counsel regarding the legality of the Common Stock.
23.1
Consent of Counsel (included in Exhibit 5.1).
23.2
Consent of PricewaterhouseCoopers LLP.
24.1
Power of Attorney (included in this Registration Statement
under "Signatures")
Item 9. Undertakings.
(a)
Rule 415 offering
.
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The undersigned Registrant hereby undertakes:
(1)  To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by
section 10(a)(3) of the Securities Act of
1933 (the "Securities Act");
(ii)
To reflect in the prospectus any
facts or events arising after the
effective date of the Registration
Statement (or the most recent
post-effective amendment thereof)
which, individually or in the
aggregate, represent a fundamental
change in the information set
forth in the Registration
Statement. Notwithstanding the
foregoing, any increase or
decrease in volume of securities
offered (if the total dollar value
of securities offered would not
exceed that which was registered)
and any deviation from the low or
high end of the estimated maximum
offering range may be reflected in
the form of a prospectus filed
with the Commission pursuant to
Rule 424(b) if, in the aggregate,
the changes in volume and price
represent no more than 20 percent
change in the maximum aggregate
offering price set forth in the
"Calculation of Registration Fee"
table in the effective
Registration Statement; and
(iii)
To include any material
information with respect to the
plan of distribution not
previously disclosed in the
Registration Statement or any
material change to such
information in the Registration
Statement;
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if
the information required to be included in a post-effective amendment by
those paragraphs is contained in periodic reports filed with or furnished
to the Commission by the Registrant pursuant to section 13 or section 15(d)
of the Securities Exchange Act of 1934 (the "Exchange Act") that are
incorporated by reference in the Registration Statement;
(2)  That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof; and
(3)  To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination
of the offering.
(
b
)
Filings incorporating subsequent Exchange Act documents by reference
.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to section 13(a) or section 15(d) of
the Exchange Act that is incorporated by reference in the Registration
Statement shall be deemed to be a new registration statement relating to
the securities offered herein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(
h
)
Filing of Registration Statement on
Form S-8
.
Insofar as indemnification for liabilities arising under the Securities Act
may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the provisions described under Item 6 above, or
otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the
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opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Kennesaw, Georgia on August 7, 2009
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
By:
/s/ William B. Shepro
William B. Shepro, Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints each of William B. Shepro and Robert D. Stiles his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place and
stead, in any and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes as he might or could
do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his
substitute, may lawfully do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated on August 7, 2009
Name
Title
/s/ William B. Shepro
William B. Shepro
Chief Executive Officer and Director
(Principal
Executive Officer)
/s/ Robert D. Stiles
Robert D. Stiles
Chief Financial Officer
(Principal
Financial Officer)
/s/ Kevin J. Wilcox
Kevin J. Wilcox
Chief Administration Officer and General
Counsel
/s/ William C. Erbey
William C. Erbey
Chairman of the Board of Directors
Table of Contents
EXHIBIT INDEX
Exhibit Number
Description
3.1
Articles of Incorporation of Altisource Portfolio Solutions
S.A. (incorporated by reference to the Company's Registration
Statement on Form 10 filed with the Commission on May 13,
2009, as amended (File No. 001-34354)).
4.1
Form of Certificate of Common Stock.
4.2
2009 Equity Incentive Plan (incorporated by reference to the
Company's Registration Statement on Form 10 filed with the
Commission on
May 13, 2009, as amended (File No. 001-34354)).
5.1
Opinion of Counsel regarding the legality of the Common Stock.
23.1
Consent of Counsel (included in Exhibit 5.1).
23.2
Consent of PricewaterhouseCoopers LLP.
24.1
Power of Attorney (included in this Registration Statement
under "Signatures").