LPS' Workout Interaction Tool Interfaces With Fannie Mae's Servicing Management Default Underwriter Helps Loan Servicers Increase Efficiency Through Real-Time Loss Mitigation Workout Recommendations From Fannie Mae
JACKSONVILLE, Fla., May 15, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of innovative technology, services, data and analytics to the mortgage and real estate industries, announced the launch of its Workout Interaction Tool (WIT), a Web-based application that provides data from its market-leading MSP servicing system to and from Fannie Mae's Servicing Management Default Underwriter™ (SMDU™) platform.
Using LPS' WIT, mortgage servicers can access SMDU to provide consistent, real-time decisions on loan modifications and other solutions for homeowners with payment challenges. SMDU enables timely workout decisions based on Fannie Mae and Servicing Alignment Initiative guidelines by integrating with existing loss mitigation systems to enhance solution delivery during the foreclosure prevention process.
"We're pleased LPS has developed a solution that enables access to SMDU during the loss mitigation process for Fannie Mae loans," said Leslie Peeler, senior vice president of Fannie Mae's National Servicing Organization. "WIT shows that LPS understands Fannie Mae requirements and sees the value of delivering fast, consistent workout solutions in a user-friendly format that helps more borrowers avoid foreclosure."
"LPS is proud that WIT supports Fannie Mae's efforts to increase the quality and consistency of loan modification workouts across the servicing industry," said Dan Scheuble, LPS chief operating officer. "Together, we hope to facilitate faster adoption of Fannie Mae loss mitigation programs and improve workouts for both servicers and borrowers through improved loan workout standardization."
After WIT submits data to SMDU from LPS' MSP, which includes collections and loss mitigation functionality, then SMDU returns a response file that includes the recommended loss mitigation program based on the data received. The response file also contains messages specific to each loan based on SMDU's analysis that are designed to facilitate processing and completion of loan workouts.
WIT retains servicer requests and SMDU responses for future reference and audit purposes. When eligibility of a loan modification is confirmed, relevant data can be fed back into LPS' MSP and provided in an exportable CSV file format for HAMP Treasury reporting.
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.
Lender Processing Services is a Fortune 1000 company headquartered in Jacksonville, Fla., employing approximately 8,000 professionals. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.