LPS Updates Software for Second Lien Mods
Jacksonville, Fla.-based mortgage software developer Lender Processing Services (LPS) upgraded its mortgage servicing package (MSP) to support the requirements of Fannie Mae’s (FNM) second lien modification program. The change allows users to modify a second-lien mortgage when the senior loan is modified under the Home Affordable Modification Program (HAMP). LPS' upgraded MSP helps servicers through the process, including capitalizing accrued interest and servicing advances, supporting escrow accounts, reducing the interest rate, extending the term, forbearing principal and setting up the trial period. “Our teams have been working tirelessly to enhance MSP to fully support servicers as they complete HAMP modifications,” said Dan Scheuble, LPS co-chief operating officer. “By servicing second liens on MSP as well as first mortgages, servicers can take advantage of the full functionality needed to participate in the [second lien modification] program,” he added. "We are proud to work with servicers in their HAMP and [second lien modification] efforts to lower payments on both first and second lien mortgages." Write to Austin Kilgore.