PennyMac selects LPS' MSP to service its first mortgages and HELOCs Servicer leverages LPS' integrated suite of mortgage solutionsMortgagePress.comLender Processing Services, Private National Mortgage Acceptance Company LLC, PennyMac, Mortgage Servicing Package
Lender Processing Services Inc. (LPS), a provider of integrated
technology and services to the mortgage industry, has announced
that Private National Mortgage Acceptance Company, LLC (PennyMac),
a leading specialty manager of residential mortgage assets, has
signed a multiyear contract to service its first mortgages and home
equity lines of credit utilizing LPS' Mortgage Servicing Package
(MSP).
Approximately 50 percent of all U.S. mortgages are serviced on
MSP. MSP supports all areas of PennyMac's servicing, including loan
setup and maintenance, cashiering, escrow administration, investor
accounting, default management and regulatory reporting. In
addition to MSP, PennyMac is leveraging LPS' complete suite of
mortgage solutions, including valuation products, title decisioning
solutions, flood services, workflow management platform (LPS
Desktop), risk management solutions, document services and default
services.
Formed in early 2008 with the objective of addressing the
dislocations in the U.S. mortgage market, PennyMac acquires and
manages residential mortgage assets on behalf of private investors.
Earlier this year, PennyMac announced that investment funds managed
by its affiliate, PNMAC Capital Management, purchased more than
$550 million in home loans resulting from the collapse of First
National Bank of Nevada.
"Our strategy is to keep borrowers in their homes through
programs that address both their ability and willingness to pay
their mortgages. Simultaneously, we are creating value for
investors," said Stanford L. Kurland, PennyMac's chairman and chief
executive officer. "MSP is the leading and most com right system
for PennyMac as we look to jump-start and significantly grow our
business."
In addition to automating all areas of servicing, MSP offers
PennyMac industry expertise in its customer support organization,
PowerCell®; compliance with all appropriate federal
regulations; and a technology group that delivers data center and
disaster recovery services.
"PennyMac is helping to address the challenges in the mortgage
industry by bringing fresh capital to the mortgage market," said
Dan Scheuble, co-chief operating officer of LPS and president of
LPS' Mortgage Processing Services division. "We expect to see
PennyMac continue to acquire distressed assets, and LPS offers the
integrated solutions that will aid PennyMac in its growth."
For more information, visit www.PennyMacUSA.com or www.lpsvcs.com.
