LPS forms network of default-related service providers

LPS forms network of default-related service providers

August 20, 2010

Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced the formation of the LPS Strategic Partnership Group. The Strategic Partnership Group will establish a network of default-related service providers, including attorneys, title companies, foreclosure trustees, publication and posting providers and service of process companies dedicated to lowering costs and creating efficiencies for consumers, mortgage servicers and investors.
LPS currently provides default-related administrative support services and technology solutions to mortgage servicers, law firms and trustee operations. LPS has recently announced a Request for Proposal (RFP) focused on the attorneys and trustees that provide default legal services. The RFP solicits bids and input from attorneys and trustees to determine the lowest cost and highest service level at which default-related services can be provided in various regions of the country. The attorneys selected as a result of this process will be among the first members of the Strategic Partnership Group.
"We realized that by reducing the number of attorney partnerships to those who can provide the lowest cost and highest service level and can meet the demands of the regions they are supporting, we will create a more efficient process, which will help borrowers and investors save money," said Clay Cornett, president of LPS Default Servicing Solutions. "Last year, legal vendors billed nearly $2 billion in default fees. Even a 10 percent reduction would be significant. Such reductions would make it less costly for defaulted borrowers to reinstate or pay off loans in default."
Attorneys who practice in the default industry and are interested in receiving a copy of the Strategic Partnership Network RFP are invited to send an e-mail to spg.rfp@lpsvcs.com. Please include your name, e-mail address, the name of your firm, your firm's street address and phone number. The deadline to communicate intent to participate is August 23, 2010. Completed RFPs are due by Sept. 3, 2010.
For more information, visit www.lpsvcs.com.

Residential, Servicing, Settlement