Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
ERBEY WILLIAM C
 2. Issuer Name and Ticker or Trading Symbol
Altisource Portfolio Solutions S.A. [ASPS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)

1661 WORTHINGTON ROAD, SUITE 100		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2009
(Street)


WEST PALM BEACH, FL 33409		 4. If Amendment, Date Original Filed(Month/Day/Year)
02/16/2010		 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
COMMON STOCK 08/10/2009   J(1) 4,110,396 (2) A $ 0 4,110,396 I By FF Plaza Limited Partnership
COMMON STOCK 08/10/2009   J(1) 1,803,234 (2) A $ 0 1,803,234 I By Erbey Holding Corporation

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (Right to Buy) $ 4.8755 08/10/2009   J(1) 52,677   08/10/2009 01/31/2011 Common stock
52,677
$ 4.8755 52,677
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 8.8293 08/10/2009   J(1) 13,169   08/10/2009 01/31/2011 Common Stock
13,169
$ 8.8293 13,169
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 6.9071 08/10/2009   J(1) 28,295   08/10/2009 01/31/2012 Common Stock
28,295
$ 6.9071 28,295
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 8.352 08/10/2009   J(1) 18,864   08/10/2009 01/31/2012 Common Stock
18,864
$ 8.352 18,864
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 2.2312 08/10/2009   J(1) 11,292   08/10/2009 01/31/2013 Common Stock
11,292
$ 2.2312 11,292
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 3.3528 08/10/2009   J(1) 16,938   08/10/2009 01/31/2013 Common Stock
16,938
$ 3.3528 16,938
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 7.3736 08/10/2009   J(1) 4,246   08/10/2009 01/31/2014 Common Stock
4,246
$ 7.3736 4,246
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 12.8024 08/10/2009   J(1) 16,981   08/10/2009 01/31/2014 Common Stock
16,981
$ 12.8024 16,981
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 9.5929 08/10/2009   J(1) 15,958   08/10/2009 01/31/2015 Common Stock
15,958
$ 9.5929 15,958
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 11.5019 08/10/2009   J(1) 23,269     (3) 01/31/2016 Common Stock
23,269
$ 11.5019 23,269
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 14.1746 08/10/2009   J(1) 34,274     (4) 05/10/2017 Common Stock
34,274
$ 14.1746 34,274
I
FF Plaza Limited Partnership
Employee Stock Options (Right to Buy) $ 9.5452 08/10/2009   J(1) 800,000     (5) 07/14/2018 Common Stock
800,000
$ 9.5452 800,000
I
FF Plaza Limited Partnership

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
ERBEY WILLIAM C
1661 WORTHINGTON ROAD, SUITE 100
WEST PALM BEACH, FL 33409		   X      

Signatures

/s/ Kevin J. Wilcox, Attorney-in-Fact 07/13/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The shares of common stock and stock options were granted to the reporting person in connection with the separation and spin-off of Altisource Portfolio Solutions ("ASPS") from Ocwen Financial Corporation ("OCN"). In connection with the separation and spin-off, an aggregate of 5,913,630 shares of ASPS common stock and options to purchase an aggregate of 1,047,480 shares of ASPS common stock were granted to the reporting person.
(2) The Form 5 filed on February 16, 2010 for Mr. Erbey reported an incorrect number of shares indirectly owned by FF Plaza Limited Partnership and failed to report the shares owned by Erbey Holding Corporation. Mr. Erbey indirectly owned an aggregate 4,110,396 through FF Plaza Limited Partnership and 1,803,234 through Erbey Holding Corporation
(3) 18,615 were vested at the separation and the remaining 4,654 vested on 1/31/2010.
(4) 20,564 were vested at the time of the separation, 6,855 vested on 12/31/09 and 6,855 vest on 12/31/2010
(5) The vesting schedule has a time-based component, in which 25% of the options vest in equal increments over four years, and a performance-based component, in which up to 75% of the options could vest in equal increments, with 25% vesting immediately upon the achievement of certain performance criteria related to ASPS' stock price and its annualized rate of return and the remaining 75% vesting over the next three years. Two-thirds of the performance-based options commence vesting if the stock price realizes a compounded annual gain of at least 20% over the exercise price, if the stock price is at least double the exercise price. The remaining third of such options commence vesting if the stock price realizes a 25% compounded annual gain, if it is at least triple the exercise price. Of the total time-based component options, 50,000 options were vested at the time of the separation. The remaining options vest in equal annual increments on July 14, 2010 through 2012.

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