LPS Desktop Gains HAMP Functionality

Posted by Orb Staff on July 22, 2009 No Comments
Categories : Mortgage Servicing

Processing Services Inc. (LPS) has released Home Affordable Modification Program (HAMP) functionality for its LPS Desktop Loss Mitigation application, a workflow solution that enables servicers to streamline business processes and manage documents and invoices online. ‘[HAMP] has greatly increased the number of individuals seeking assistance from servicers; however, until now, servicers lacked the necessary technology to efficiently respond to this high volume of modification requests,’ says Laura MacIntyre-Sosa, chief operating officer for LPS Desktop. LPS Desktop Loss Mitigation, which can be integrated with major servicing platforms, automates the loan modification process, including loan assignment, queuing and delivery of optimized workout options, loan modification document generation and online document execution, the company says. The system's rules engine also allows servicers to customize the loss mit process according to their business requirements. Loan files are automatically assigned and sent to servicer work queues, where net-present-value-based decisioning tools help home retention specialists to provide the best workout options for borrowers. Workout agreements flow through an automated, rules-based approval process, again based on servicer-specified requirements, that ends with automated document creation and online document execution, LPS explains. The application is configurable by client, investor, portfolio and loan type. SOURCE: Lender Processing S

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