LPS Launches New Model for Ordering Mortgage Insurance Through the LPS Loan Quality Gateway Strategic Enhancement Reduces Processing Time and Errors in Selecting a Suitable MI Program
JACKSONVILLE, Fla., March 6, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, announced the launch of new Mortgage Insurance (MI) products through the LPS Loan Quality Gateway®. Customers may now place automated orders for MI products for reduced processing time and fewer manual errors.
The LPS Loan Quality Gateway is an open technology platform that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs through a 24/7 data exchange connected to more than 15,000 of the mortgage industry's service and solution providers. Through this platform, lenders can now access new MI products through LPS to order rate quotes; eligibility and rate quote checks; and MI Certificates. The LPS Loan Quality Gateway is a strategic component of LPS' origination technology growth initiative.
"This new enhancement offers lenders more accurate, standardized and efficient selection of mortgage insurance, while helping them better meet the challenges of new regulations and requirements for overall loan quality," said LPS Chief Operating Officer Dan Scheuble. "The new MI products offered through LPS are one more way we can help lenders and service providers work together toward a more transparent, data-centric loan origination process."
Currently, several leading MI carriers ̶ including United Guaranty, MGIC, Genworth, Essent Guaranty, Inc. and Radian, among others ̶ are integrated with the LPS Loan Quality Gateway, offering lenders one convenient source for MI carrier integrations. By providing accurate, up-to-date rate and renewal information directly from each MI carrier, LPS help lenders eliminate the cumbersome process of maintaining internal mortgage insurance rate tables, while reducing data-entry time and errors through the systemic delivery of data and documents. The LPS Loan Quality Gateway can also manage a lender's mortgage insurance vendor compliance rules, including best-fit formulas, and provide continuous access to MI carriers throughout the mortgage life cycle.
Offered by RealEC® Technologies, an LPS subsidiary that powers the LPS Loan Quality Gateway, the new MI products expand the loan origination services now available on the LPS Loan Quality Gateway, including appraisals; automated valuation models (AVMs); title insurance; closing services; flood insurance; fee services; verifications of income, employment and identity; fraud prevention tools; loan quality analytics; and Valuation Insight™, an appraisal evaluation tool that quickly identifies the overall quality of an appraisal.
About Lender Processing Services
Lender Processing Services (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.
LPS is headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. The company is ranked on the Fortune 1000 as the 877th largest American company in 2012. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.