Altisource Residential Corporation announced that William C. Erbey is stepping down from his position as Director and Chairman of the Board of Directors of the company, effective January 16, 2015. The company also announced that David B. Reiner, a current independent Director of the company, has been appointed Chairman, effective January 16, 2015. Mr. Erbey, who has been Chairman since inception, is stepping down in connection with the Consent Order entered into by Ocwen Financial Corporation with the New York Department of Financial Services.

Mr. Reiner has been a Director of Residential and has served as the Chairman of the Compensation Committee and a member of the Audit Committee and Nomination/Governance Committee since 2012. Mr. Reiner currently is a Managing Director with Regional Real Estate Investment Corporation. Mr. Reiner served as a Managing Director of Grosvenor Investment Management US Inc.