Lender Processing Services Inc., a provider of integrated technology and services to the mortgage and real estate industries, has announced the release of Home Affordable Modification Program (HMP) functionality for its LPS Desktop Loss Mitigation application. LPS Desktop Loss Mitigation is a component of the Web-based LPS Desktop enterprise workflow solution that enables servicers to streamline business processes and manage documents and invoices online.
LPS incorporated the HMP functionality in response to the Homeowner Affordability and Stability Plan (HASP) introduced by President Obama in February 2009. HMP is the loan modification initiative of HASP, the government-sponsored effort to stabilize the housing market by aiding at-risk homeowners in danger of losing their homes to foreclosure. As a result of HMP, it is expected that servicers will process approximately three to four million home loan modifications.
"HMP has greatly increased the number of individuals seeking assistance from servicers; however, until now, servicers lacked the necessary technology to efficiently respond to this high volume of modification requests," said Laura MacIntyre-Sosa, chief operating officer for LPS Desktop. "In order to assist the efforts of our servicer clients to address this challenge, we have deployed HMP functionality within the LPS Desktop Loss Mitigation application, providing servicers with an integrated and scalable technology solution to streamline the HMP modification process. We are ecstatic to have been able to bring this solution to market within four months of the President's announcement of the program."
LPS Desktop Loss Mitigation is a Web-based tool that can be rapidly deployed and scaled to manage any loss mitigation activity volume. It also provides servicers an affordable, permanent solution that integrates with major servicing platforms, such as the LPS Mortgage Servicing Package (MSP). LPS Desktop Loss Mitigation enables a servicer to automate its loan modification process, including loan assignment, queuing and delivery of optimized workout options, loan modification document generation and online document execution.
LPS Desktop Loss Mitigation incorporates a comprehensive rules engine that allows servicers to automate the entire loss mitigation process according to their specific business requirements. Loan files are automatically assigned and sent to servicer work queues, where net-present-value (NPV)-based decisioning tools help the servicer's home retention specialists to provide the best workout options for borrowers. Workout agreements flow through an automated, rules-based approval process, again based on servicer-specified requirements, that ends with automated document creation and online document execution. The application is configurable by client, investor, portfolio and loan type.
For more information, visit www.lpsvcs.com.