Altisource Portfolio Solutions expanded its REO disposition services in 18 states with more than 5,700 properties listed with brokers in Q210, an 18% increase from the 4,800 properties listed in the previous quarter.

The company reported $17.6m in net income in Q210, more than double the $7m earned in the same quarter last year.

Altisource earned $71.3m in total revenue in Q210, a 43% increase from Q209 as it continued to expand. Robert Stiles, chief financial officer at Altisource, told REO Insider the company started the brokerage operations in the second quarter of last year and in only three states initially.

“Suffice it to say, we have more than doubled the inventory today with brokers,” Stiles said.

Its property preservation segment managed more than 10,200 properties in Q210, up 36% from the previous quarter. It provided default management services, primarily nonlegal processing for foreclosure attorneys, in 24 states, growing from 13 at the start of the quarter.

Altisource earned $47m from its mortgage servicing division in Q210, nearly doubling the $24m earned in the same quarter last year. That part of the company, too, has expanded after acquiring MPA, a deal completed in the first quarter of 2010 and added $1.3m to revenues.

Altisource is expecting to see more revenue from a recent servicing deal in May, when Ocwen Financial Corp. acquired HomEq Servicing from Barclays Capital. The deal added 190,000 loans to the 400,000 serviced by Ocwen. If the transaction closes Sept. 1, Altisource expects to see referrals from the deal, which could bolster revenue in Q410 through 2011.

Write to Jon Prior.