Innovative Technology Helps Mortgage Industry Improve Work Performance, Better Meet Regulatory and Compliance Requirements and Identify New Business Opportunities
JACKSONVILLE, Fla. - Oct. 10, 2012 - Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, announced today that LPS ranked 11th on the FinTech 100 list, an annual ranking of the top 100 global application/service providers to the financial services industry. LPS has been named to the FinTech 100 each year since its incorporation in 2008.
Many of the nation's leading financial institutions including the nation's top 20 mortgage lenders and servicers use one or more of LPS' advanced technology solutions and services to help improve work performance, identify new business opportunities, meet regulatory and compliance requirements and better serve their customers.
"Being named once again to the FinTech 100 illustrates LPS' long history of providing our clients with innovative technology and trusted expertise to solve complex challenges and reach their business goals," said LPS President and Chief Executive Officer Hugh Harris. "Our commitment to innovation, integrity and transparency drives everything we do to help our clients achieve new levels of success."
Some of LPS' major accomplishments during the past year that contributed to its strength as a leading financial services provider include:
- Enhancements to LPS' Loan Quality Gateway, a proven, scalable technology platform. This platform supports both efficiency and compliance with investor, lender and service provider loan quality requirements through a 24/7 data exchange connected to a vast majority of the industry's service and solution providers. LPS Loan Quality Gateway enhancements during the past year are:
- Direct integration with the Uniform Collateral Data Portal (UCDP), which facilitates seamless electronic appraisal report submission to meet Freddie Mac and Fannie Mae requirements.
- A new service to order Good Faith Estimate (GFE) data, which helps lenders more accurately quote loan fees and eliminates the need to maintain internal fee tables and cumbersome, manual calculations for GFE disclosures.
- A new LPS Document Review solution that helps mortgage servicers particularly those operating in the foreclosure space to review and verify the accuracy of sensitive information on critical loan-related documents.
- Additional loan origination technology offerings, including a Web-enabled correspondent lending platform, a robust lead management solution and reverse mortgage product capabilities, through the acquisition of LendingSpace.
- The addition of Military Service Relief functionality to LPS' MSP loan servicing platform to help servicers better track and manage military service member loans protected under the Servicemembers Civil Relief Act (SCRA). SCRA prohibits mortgage servicers from foreclosing on or seizing property from active-duty military personnel unable to meet their mortgage obligations.
- A new Industry Lien Matching Service through which mortgage servicers can match first and subordinate liens, then provide this vital data from one servicer to another to support co-modification efforts.
The FinTech 100 represents companies that derive at least 33 percent of their revenue from the financial services industry. The ranking of the top vendors is categorized and evaluated based on calendar year-end revenues and the percentage attributed to support of financial services. Data for determining the top 100 providers is gathered from vendor surveys, as well as original research and market analysis, conducted by IDC Financial Insights, which publishes the FinTech 100 list annually with American Banker and Bank Technology News. To view the FinTech Special Report, visit www.AmericanBanker.com/fintech100.
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., employing approximately 8,000 professionals. For more information, please visit www.lpsvcs.com.