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Mortgage technology firm Lender Processing Services ($29.55 0.55%) said its LPS Applied Analytics division releases a lien-matching service this week that allows mortgage servicers to match a first lien and subordinate lien, moving the data from one servicer to another.
It also allows for simultaneous modification efforts on subordinate liens when a first-lien modification is under way. Michelle Kersch, a spokesperson for LPS, said the new service is unique to the firm when asked about competition in the marketplace.
The product, called LPS Industry Lien Matching, was designed to ensure servicers have the transparency they need on all loans tied to a first lien.
"Today's economic climate, heavily influenced by increased government programs and regulatory oversight, has driven loan modifications and workouts to all-time highs," said Dan Berman, president of LPS Applied Analytics.
The lien-matching service offers co-modification solutions across the industry, he said.
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