JACKSONVILLE, Fla., Oct. 29, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading independent provider of valuation services, integrated technology, data and analytics to the mortgage and real estate industries, announced the release of its Home Equity Valuation solution that meets the interagency guideline requirements for both appraisals and evaluations for home equity loans.
In support of recent advisories from the Office of the Comptroller of the Currency urging banks to strengthen their oversight of the home valuation process related to home equity loans, LPS' Home Equity Valuation solution provides a USPAP-compliant appraisal report format that meets these higher standards. It incorporates an automated valuation model (AVM), a subject property inspection by a local, licensed real estate professional, and a state-licensed or certified appraiser's independent desktop appraisal for a credible, cost-effective valuation.
Additionally, the Home Equity Valuation workflow can be customized to meet client-specific risk management policies. For example, more complex properties, such as those that are high-end, rural, or have a unique design or location, can be seamlessly upgraded to more traditional drive-by or interior appraisals, to offer clients a solution that addresses all of their home equity valuation needs.
"As the housing market begins to recover and equity returns to homeowners in certain markets, regulatory scrutiny of property valuation tools for home equity lending is also increasing," said Mark Johnson, president of LPS' LSI division. "As a result, lenders can no longer rely solely on the more conventional AVMs and Property Condition Reports (PCRs) to meet evolving compliance guidelines."
"As the leading provider of integrated data and analytics to mortgage lenders, servicers and investors, LPS produces AVMs that are among the most trusted in the industry," said Rob Walker, managing director, LPS Data & Analytics. "And, because the AVM component of the Home Equity Valuation solution uses LPS Data & Analytics' expansive property database, this USPAP-compliant appraisal solution renders a credible and cost-effective valuation that will help lenders mitigate risk and meet new compliance requirements."
"LPS' Home Equity Valuation solution is a powerful, affordable and USPAP-compliant tool that addresses today's regulatory concerns and simultaneously raises the bar for the rest of the industry," said Johnson.
About Lender Processing Services (LPS)
LPS (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, the industry's leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. Lender Processing Services is a Fortune 1000 company headquartered in Jacksonville, Fla. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.