Two common themes emerging from the Mortgage Bankers Association 99th Annual Convention & Expo is that lenders and servicers need access to enhanced due diligence tools along with improved risk analysis. 

Mortgage and real estate tech provider Lender Processing Services is trying to meet this mandate with the launch of two new data modules that will enhance loan-level data coming from the firm's McDash database.

The modules will provide mortgage firms with access to more specific mortgage data, so they can better detect risk, support due diligence initiatives and manage risk in an environment where less-than-quality loans pose deep risks to servicers and lenders. 

The first module, which is known as the McDash Mortgage Scores Model, allows financial firms to identify high-risk loans and use a loss-severity metric to identify loans posing the greatest risk to a company. The tool is expected to enhance servicers' risk-management capabilities as part of the LPS's Behavioral Library, which gives users a 360-view of mortgage performance metrics.

The other enhancement is the McDash Loss Mitigation Module, which gives financial firms the ability to track and evaluate the success of loss mitigation solutions by examining ongoing trends and strategies. The tool offers details on modifications, flags for short sales and deeds in lieu and re-default rates among other indicators.

LPS says offering this data through a module is essential during a time period in which regulatory and legislative requirements are saturating the marketplace creating risk.