Lender Processing Services (LPS) has debuted REO Workspace, a web-enabled application that allows servicers to integrate with asset management vendors and exchange information on assigned properties in a secure environment.
REO Workspace's features and capabilities include a customizable rules engine, a repository for all files and documents related to the loan assets, paperless handling of each loan asset from a single location, and support for integration with a servicer's third-party vendors.
‘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,’ explains Joe Nackashi, chief information officer at LPS.
The REO Workspace delivers greater transparency in the loan life cycle, supporting servicer efforts to efficiently dispose of real estate assets and reduce losses, the company adds.
