U.S. Bank Home Mortgage has signed a multiyear contract renewal with Lender Processing Services Inc. (LPS), continuing the bank's use of LPS' Mortgage Servicing Package.
The business relationship dates back to 1983, when U.S. Bank's predecessor, Lincoln Service Mortgage, moved onto the MSP platform. The technology company says that approximately half of all U.S. mortgages are serviced on its system.
‘MSP has proven to be a reliable, stable and scalable servicing platform,’ says Robert Smiley, executive vice president of U.S. Bank Home Mortgage. ‘The future direction of LPS' solutions matches and complements our need for processing solutions, and we look forward to leveraging additional LPS solutions in our organization.’
In addition to MSP, U.S. Bank leverages LPS' appraisal services, McDash Online, lien release solution eRelease and invoicing features of LPS Desktop.