Mortgage technology provider Lender Processing Services
is trying to help servicers comply with consent orders they signed with the federal government by devising a product that allows firms to quickly identify a single point-of-contact on each mortgage.
The product's announcement arrives a few week's after 14 mortgage servicers reached agreements
to solve foreclosure-related issues with the Office of the Currency
and the Federal Reserve.
Part of the corrective action assigned by the Fed involves the requirement that servicers ensure homeowners have a single point of contact to address issues related to their mortgages.
LPS said it has enhanced its mortgage loan servicing platform, MSP, to include a solution that will allow clients to easily assign and access information on the parties who serve as points of contact on each loan.
"Offering mortgage loan servicers the ability to specify a single point of contact for each mortgage loan helps streamline loss mitigation workflows, increases borrower satisfaction with the process and enables mortgage loan servicers to comply with the proposed regulation quickly and easily," said Greg Whitworth, executive managing director of LPS Servicing Solutions division.
The MSP system will essentially allow servicers to benefit from the addition of a unique tracking field that will allow servicers to designate the appropriate parties of contact.
Write to Kerri Panchuk.