Tech Roundup: LPS, U.S. Bank Renew Partnership
Lender Processing Services, Inc. (LPS), the Jacksonville-based provider of integrated mortgage industry technology, announced Monday it had completed the renewal process on a multi-year contract with U.S. Bank Home Mortgage. The two have partnered for 25 years, according to a press statement, and U.S. Bank will continue to use LPS' Mortgage Servicing Package (MSP) to automate its servicing operations, from loan setup to investor accounting to default management. U.S. Bank also utilizes LPS' appraisal services and several other platforms. "MSP has proven to be a reliable, stable and scalable servicing platform," said Robert Smiley, executive vice president of U.S. Bank. "The future direction of LPS' solutions matches and complements our need for processing solutions, and we look forward to leveraging additional LPS solutions in our organization." www.lpsvcs.com Partnership gives mortgage bankers a discount Carson, Calif.-based Document Systems Inc. (DSI) on Monday announced it had partnered with Lenders One Mortgage Cooperative, a national alliance of mortgage bankers. The union will provide Lenders One members access to DSI's DocMagic initial disclosures and closing documents at a discounted rate. "Our members will improve customer service and their competitive advantage in the marketplace with the quality and innovation of products provided from this relationship," said Lenders One CEO Scott Stern. www.docmagic.com MDA offers HVCC-compliant appraisal platform MDA Lending Solutions last week announced the development of its Managed Appraisal Platform, an electronic portal that will give mortgage lenders independence from third-party appraisers while remaining compliant with the newly-implemented Home Value Code of Conduct (HVCC). The Wilmington-Del.-based information solutions provider to the mortgage industry designed the platform with "anticipated changes in appraisal regulation" in mind, according to a company press statement. "HVCC is meant to improve the objectivity and accuracy of appraisals by ensuring the fulfillment process is free from pressure on the appraiser," said MDA president Mike Dealy. "Our HVCC-compliant Managed Appraisal Platform offers wholesale lenders and brokers a way to quickly access compliant appraisals while addressing regulatory issues concerning conflicts of interest." www.mdasolutions.com Institution aims to prevent foreclosures through Realtor training The Distressed Property Institute last week said it will continue to train certified Realtors in the art of short sales, a situation in which the lender accepts the selling price of the home, whether the mortgage balance is higher or not. The efforts of the Institute should help Realtors assist struggling homeowners avoid foreclosures going into 2009, according to a press release. "Seven out of 10 people go into foreclosure without any professional intervention," said Judy Reed, a Virginia Beach-based Realtor with Re/Max Allegiance, in a joint statement with the Institute. "They don't know that they have options. The knowledge that I've gained from the Distressed Property Institute gave me the knowledge to help these homeowners." www.cdpe.com Write to Diana Golobay at firstname.lastname@example.org. Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments. HW reporters and writers follow a strict disclosure policy, the first in the mortgage trade.