Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced that it has developed a solution to help mortgage servicers respond to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB)-issued consent orders announced on April 15th. A key element of these consent orders is for mortgage loan servicers to provide their borrowers with a dedicated single point(s) of contact for specific mortgage loan servicing functions.
LPS has proactively responded to the required consent orders by enhancing its mortgage loan servicing platform, MSP. Clients will be able to assign, view and easily obtain detailed information on the single point of contact assigned to each specific loan throughout the life of the loan.
"Offering mortgage loan servicers the ability to specify a single point of contact for each mortgage loan helps streamline loss mitigation workflows, increases borrower satisfaction with the process and enables mortgage loan servicers to comply with the proposed regulation quickly and easily," said Greg Whitworth, executive managing director of Lender Processing Services Inc. (LPS) Servicing Solutions division.
This enhancement adds a unique tracking field within MSP to record single-point-of-contact information, as designated by the mortgage loan servicer. LPS will also provide fields in ancillary products to support consistency across all communication channels.
While the current focus on a single point of contact is specific to loss mitigation, LPS is working to broaden the scope of its single-point-of-contact functionality to all areas of mortgage loan servicing, whether that mortgage loan is current or in any stage of default.
