New LPS Software Automates Refinance Process

Jacksonville, Fla.-based Lender Processing Services Inc. (LPS: 40.62 -0.76%) has launched a new loan refinancing software product for lenders, the company announced Wednesday.

RediRefi can automatically identify which of a lender’s loans are eligible for and likely to refinance. From there, the software can pre-qualify those loans for a refinance offer, and execute a targeted marketing campaign.

The program is customizable to fit to a lender’s specific needs and integrates with LPS’ other software products.

The launch comes on the heels of the U.S. Department of Housing and Urban Development’s July 1 announcement that the Home Affordable Refinance Program has been expanded to allow homeowner’s to refinance up to 125% of their home’s current value, a move expected to further increase the demand for loan refinancing.

“This new opportunity is causing lenders to seek additional ways to handle origination volume,” Al Verkuylen, chief strategy officer of LPS’ Lender’s Service Inc. division, said in a statement. “RediRefi provides lenders with a flexible and immediate solution for successful [Homeowner Affordability and Stability Program] refinance campaigns without increased staffing or fixed costs to deal with a short-term market cycle.”

Write to Austin Kilgore.