Jacksonville, Fla.-based Lender Processing Services Inc. (LPS) has announced that its LPS Applied Analytics division has launched the LPS Industry Lien Matching service.
According to the company, the new service allows mortgage servicers to identify a match between a first and a subordinate lien and then transport this vital data from one servicer to another, which supports co-modification efforts for subordinate liens following a first-lien modification. As part of the modification process, LPS Industry Lien Matching provides participating servicers with the transparency needed to identify all loans associated with a first lien, which is especially critical when a property has subordinate liens being serviced by different servicers.
‘Today's economic climate, heavily influenced by increased government programs and regulatory oversight, has driven loan modifications and workouts to all-time highs,’ says Dan Berman, president of LPS Applied Analytics. ‘The LPS Industry Lien Matching service offers an unprecedented ability for broad, holistic co-modification solutions across the mortgage industry.’