Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced that PHH Mortgage, a subsidiary of PHH Corporation, has signed a multi-year contract renewal for LPS' servicing technology platform, Mortgage Servicing Package (MSP). PHH Mortgage uses MSP to service nearly one million first mortgages and 100,000 home equity loans and lines. MSP automates all areas of PHH's mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management, regulatory reporting and tax services. In addition to traditional mortgages, MSP services and supports home equity lines and loans, helping PHH meet increasing regulatory requirements, mitigate risk and gain a more complete view of its borrowers' profiles, risk segmentation and profitability.
PHH is also leveraging LPS Web Direct, which provides real-time online access to MSP information. The platform requires no previous knowledge of MSP, making it user-friendly and quick to implement.
"LPS Web Direct enables us to enhance our private-label offering to enable our clients to perform more customer-facing work, while we provide the back-end processing," said Martin L. Foster, senior vice president of servicing for PHH Mortgage. "We can make relevant information available to our clients based on parameters we set, and, in some cases, clients can update MSP directly. This data access is a distinct advantage as we grow our business and offer our clients and valued customers more private-label servicing options."
"PHH has leveraged MSP for more than 25 years, and we value the partnership we share as we continue to introduce innovative solutions to the mortgage market," said Dan Scheuble, co-chief operating officer of LPS.
For more information, visit www.phhmortgagesolutions.com or www.lpsvcs.com.