LPS Extends Its Streamlined Settlement Program Supporting HARP 2.0
Lender Processing Services Inc. (LPS) has announced that its LSI Title Division is extending its Streamlined Settlement solution to help lenders meet the Home Affordable Refinance Program (HARP) 2.0 agency program guidelines. "Since 2009, LSI has been the leading provider of technology that enables lenders to quickly and efficiently close HARP loans utilizing LSI's proprietary AQUASM title production platform," said Ron Frazier, president of LPS' LSI Title Division. "The combination of LSI's settlement workflow and proven Web-based closing platform, ClosingStream, has enabled LSI to close a majority of all HARP loans processed in 2010 and 2011." LPS has been at the forefront of providing technology that helps lenders and servicers implement HARP requirements, with functionality that enhances performance, including three to five day subordination turn-times and improved closing rates, while also reducing settlement and processing costs. "We are proud that our Streamlined Settlement technology was used to help so many borrowers refinance in the HARP program," said Al Verkuylen, title executive of LPS' LSI Title Division. "With an expanded focus on HARP 2.0, we expect to continue supporting our customers through our best-in-class technology and services, which leads directly to improved opportunities for homeowners." Additionally, LPS' core servicing technology, MSP, can identify which loans are eligible for HARP 2.0, present the loan-to-value ratio to the servicer, show if a property is owner-occupied and provide origination data.