Lender Processing Services Inc. (LPS) has announced the release of a new real estate-owned (REO) technology that supports servicer efforts in the management and disposition of REO assets. The Web-enabled REO Workspace application combines the client-specific workflow functionality and data required to support the full life cycle of an REO asset, including additional functionality for tenant management within a property. REO Workspace provides a rich set of features and capabilities including:
►A customizable rules engine to reflect each client's unique business needs
►A repository for all files and documents related to the loan assets
►Paperless handling of each loan asset from a single location
►Support for integration with a servicer's third-party suppliers, which helps servicers to more efficiently manage their REO properties.
The REO Workspace application allows servicers to easily integrate with asset management vendors and exchange information on assigned properties in a controlled, secure environment. Property data is centrally stored, and reports are generated from various types of information to support asset-level decisioning.
"LPS' new REO Workspace technology is a viable tool to help servicers efficiently manage their increasing REO volumes within a single solution," said LPS Chief Information Officer Joe Nackashi. "We developed this technology to address the unique needs of servicers that want to manage REO activities in-house as part of an overall, end-to-end loan servicing process."
The REO Workspace application is designed to deliver greater transparency in the loan life cycle, support servicer efforts to efficiently dispose of real estate assets and reduce losses. It is the first of several LPS technology applications being deployed for the mortgage servicing industry that combines LPS' MSP and LPS Desktop core systems with a user-, data- and workflow-centric focus to deliver integrated, process-driven functionality.
