LPS Launches Error Resolution Tracking to Assist Mortgage Servicers With New CFPB Requirements Workflow Tool Helps Servicers Better Track Error Resolution and Responses to Borrower Inquiries
JACKSONVILLE, Fla., Oct. 28, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced the launch of its Error Resolution Tracking solution, an innovative workflow tool designed to assist mortgage servicers in meeting new Consumer Financial Protection Bureau (CFPB) requirements for recording, tracking and responding to consumer complaints regarding possible errors with their loans. LPS can quickly implement Error Resolution Tracking to help servicers meet the CFPB's compliance deadline of Jan. 10, 2014.
"With the CFPB's deadline fast approaching, servicers are looking for solutions that can be implemented quickly to help them enhance compliance and control," said Joe Nackashi, CIO and executive vice president of the LPS Servicing Solutions and Technology division. "Error Resolution Tracking delivers highly efficient capabilities for servicers to gain more control over processes, provide a timely response to their borrowers and be better prepared to respond to new CFPB regulatory requirements."
Using servicer-defined parameters within the configurable settings in its logic and workflow, Error Resolution Tracking links incoming borrower correspondence with the loan number in LPS' MSP® servicing platform and assigns the borrower inquiry to the appropriate work queue for immediate action. To help streamline servicer response time, the solution auto-generates an initial response to the borrower acknowledging receipt of their complaint, and also preserves an audit trail of all borrower correspondence received and sent. If the servicer determines more time is needed to respond to a borrower's inquiry, the Error Resolution Tracking solution auto-generates an extension notification to the borrower.
While Error Resolution Tracking is integrated with MSP, the solution may be used by all servicers. Using sophisticated queuing technology, Error Resolution Tracking can help servicers reduce time-intensive manual data entry in off-line systems, improve response time to borrowers and increase accountability by providing proper controls around the error resolution tracking process.
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.