LPS launches ClosingStream 2.0 to support HAMP – NMP Skip to main content

LPS launches ClosingStream 2.0 to support HAMP

NationalMortgageProfessional.com
Oct 12, 2009

Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, announced the release of ClosingStream 2.0, a Web-based, consumer-facing workflow application with eSignature capabilities specifically designed to support the Home Affordable Modification Program (HAMP). LPS' ClosingStream is currently the only solution available that complies with Fannie Mae's business requirements for HAMP Electronic Signature Solutions, which were published on Sept. 25, 2009. In this document, Fannie Mae details the requirements an electronic signature solution must offer to support eHAMP. ClosingStream 2.0 delivers all of the necessary functionality, which includes document generation, document formatting and document fulfillment/execution. "With HAMP modification volumes on the rise, servicers are looking for ways to electronically streamline the process and lower costs," said Al Verkuylen, chief strategy officer at LSI, a division of Lender Processing Services. "ClosingStream 2.0 is an interactive, consumer-friendly portal, providing servicers with impressive efficiency gains when processing HAMP and other loan modifications." ClosingStream 2.0 facilitates an end-to-end, easy-to-track approach for loan modifications. It supports eDelivery and eSigning of borrower qualification documents, trial plan and modification agreements. As a result, ClosingStream 2.0 users can expect significant productivity gains when deploying this eHAMP solution. Case studies have demonstrated that the time between loan modification creation and e-signing is significantly reduced, making same-day closings possible. Additionally, document execution and delivery errors are reduced by approximately 90 percent and servicers benefit from a significant reduction in expenses related to postage and resources. Further, ClosingStream 2.0 improves modification pull-through rates, helping reduce unnecessary foreclosures. "While ClosingStream 2.0 provides servicers with important efficiency gains in the HAMP modification process, borrowers realize significant benefits as well. They can conveniently upload qualification documentation, e-sign program documents and receive executed documents electronically," said Ron Frazier, president of LPS' LSI division. "This ease-of-use feature reflects the win-win nature of ClosingStream 2.0 for both servicers and borrowers." For more information, visit LPSvcs.com.
Published
Oct 12, 2009
Blend Labs Has Cut 420 Jobs Since April

The 25% reduction of its workforce comes as it posts $478 million Q2 loss.

Industry News
Aug 17, 2022
UWM Now Offering Temporary Rate Buydowns

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

Industry News
Aug 17, 2022
Rocket Mortgage Teams With Santander Bank

Rocket's mortgage services now available to Santander's U.S. banking clients

Industry News
Aug 16, 2022
Ameris Bank Commits $10M To Help 1st-Time Homebuyers

The Ameris Down Payment Grant Program will help eligible first-time buyers with down payments and closing costs.

Industry News
Aug 16, 2022
Competition Now Highest For Lowest-Priced Homes

In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.

Analysis and Data
Aug 16, 2022
Impac Mortgage Slashes Staffing Levels By 48%

From 330 in 4Q 2021, headcount now stands at 170 for California lender

Non-QM
Aug 15, 2022