Application Enables Servicers to Efficiently Manage REO Assets and Reduce Losses
JACKSONVILLE, Fla. - Oct. 23, 2012- Lender Processing Services (LPS), a leading provider of integrated technology, data and analytics for the mortgage and real estate industries, announced today the release of a new REO technology that supports servicer efforts in the management and disposition of REO assets.
The Web-enabled REO Workspace application combines the client-specific workflow functionality and data required to support the full life cycle of an REO asset, including additional functionality for tenant management within a property. REO Workspace provides a rich set of features and capabilities including:
- A customizable rules engine to reflect each client's unique business needs
- A repository for all files and documents related to the loan assets
- Paperless handling of each loan asset from a single location
- Support for integration with a servicer's third-party suppliers, which helps servicers to more efficiently manage their REO properties.
The REO Workspace application allows servicers to easily integrate with asset management vendors and exchange information on assigned properties in a controlled, secure environment. Property data is centrally stored, and reports are generated from various types of information to support asset-level decisioning.
"LPS' new REO Workspace technology is a viable tool to help servicers efficiently manage their increasing REO volumes within a single solution," said LPS Chief Information Officer Joe Nackashi. "We developed this technology to address the unique needs of servicers that want to manage REO activities in-house as part of an overall, end-to-end loan servicing process."
The REO Workspace application is designed to deliver greater transparency in the loan life cycle, support servicer efforts to efficiently dispose of real estate assets and reduce losses. It is the first of several LPS technology applications being deployed for the mortgage servicing industry that combines LPS' MSP and LPS Desktop® core systems with a user-, data- and workflow-centric focus to deliver integrated, process-driven functionality.
About Lender Processing Services
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.