LPS Offers Refi Program In Modular And End-To-End Formats

Posted by Orb Staff on July 09, 2009 No Comments
Categories : Residential Mortgage

Processing Services Inc. (LPS) says its RediRefi suite can help lenders more effectively manage capacity challenges associated with loan refinancing. The customizable RediRefi program includes tools that automatically identify the loans that are eligible for and likely to refinance, pre-qualify those loans for a refinance offer and execute a targeted marketing campaign. LPS then couples those tools with fulfillment services to provide a streamlined refinance solution. The company's strategic consulting capabilities complement RediRefi's tools and services, enabling lenders to manage the complete refinance process without having to increase internal staff. Using RediRefi, lenders can maximize their refinance campaigns by using the company's data and analytics models, manage portfolio runoff and minimize loan fallout without having to make significant investments in fixed costs, LPS says. LPS' announcement comes on the heels of the Obama administration's expansion of the federal Home Affordable Refinance Program (HARP), which now allows borrowers to finance up to 125% of their home's current value. ‘This new opportunity is causing lenders to seek additional ways to handle origination volume,’ comments Al Verkuylen, chief strategy officer of LPS' LSI division. While RediRefi is a complete refinance solution, it has been developed in a modular fashion so that lenders can select specific services. Through strategic partnerships, LPS provides customer follow-up to ensure refinances are successfully completed. ‘RediRefi has the flexibility to support a wide range of lenders' needs and is designed based on industry best practices,’ says Grace Brasington, executive vice president of LPS' Strategic Consulting Services. SOUR

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