Lender Processing Services, a mortgage tech firm, launched its Error Resolution Tracking solution, a workflow tool designed to assist mortgage servicers in meeting new Consumer Financial Protection Bureau requirements.
The new tool records, tracks and responds to consumer complaints regarding possible errors with their loans.
Error Resolution Tracking links incoming borrower requests with the loan number in LPS' MSP servicing platform and assigns the borrower to the appropriate solution.
"With the CFPB's deadline fast approaching, servicers are looking for solutions that can be implemented quickly to help them enhance compliance and control," said Joe Nackashi, CIO and executive vice president of the LPS Servicing Solutions and Technology division. "Error Resolution Tracking delivers highly efficient capabilities for servicers to gain more control over processes, provide a timely response to their borrowers and be better prepared to respond to new CFPB regulatory requirements."