LPS Introduces Error Resolution Tracking Solution

Posted by Patrick Barnard on October 28, 2013 No Comments
Categories : Mortgage Servicing

Lender Processing Services Inc. (LPS), a provider of technology, data and analytics, has launched its Error Resolution Tracking solution.

According to LPS, this workflow tool is designed to assist mortgage servicers in meeting January 2014's Consumer Financial Protection Bureau (CFPB) requirements for recording, tracking and responding to consumer complaints regarding possible errors with their loans.

Using servicer-defined parameters within the configurable settings in its logic and workflow, Error Resolution Tracking links incoming borrower correspondence with the loan number in LPS' MSP servicing platform and assigns the borrower inquiry to the appropriate work queue for immediate action, says the company.

LPS also says in order to help streamline servicer response time, the solution auto-generates an initial response to the borrower to acknowledge receipt of the complaint and preserves an audit trail of all borrower correspondence received and sent. If the servicer determines more time is needed to respond to a borrower's inquiry, the Error Resolution Tracking solution auto-generates an extension notification to the borrower.

While Error Resolution Tracking is integrated with MSP, the solution may be used by all servicers, according to the company.

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