Lender Processing Services Inc. (LPS) announced that FirstBank Puerto Rico has signed a five-year contract extension with LPS to continue using MSP, LPS's mortgage servicing platform. MSP is used by financial institutions to process nearly 50 percent of all U.S. residential mortgages by dollar volume.
"MSP has repeatedly proven to be the optimal solution for servicing our loan portfolio, and it contributes significantly to our operational success," said Jay Casalduc, senior vice president and mortgage banking director, FirstBank Puerto Rico. "LPS has always exhibited a strong commitment to the Puerto Rico market, which is critically important given its unique servicing requirements."
FirstBank Puerto Rico uses MSP's fully integrated technology solution to automate all areas of mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management, regulatory reporting and tax services. Various enhancements were made to MSP in order to service loans unique to the Puerto Rico market. MSP also helps FirstBank Puerto Rico remain compliant with regulatory changes and federal requirements.
Additionally, FirstBank Puerto Rico will convert to LPS Desktop Process Management, an enterprise workflow application, and LPS Desktop Invoice Management, a Web-based solution that streamlines billing and invoicing processes. Both solutions will help the company's internal processes remain consistent and secure. FirstBank Puerto Rico is also implementing LPS' Customer CareNet, which will provide the bank with an online solution that gives its borrowers instant access to their mortgage information.
"LPS looks forward to continuing and expanding our long-term strategic business relationship with FirstBank Puerto Rico," said Robert Davis, executive vice president of Servicing Solutions Sales and Account Management for LPS. "The technology advancements we continue to make with MSP will improve the value we deliver to FirstBank Puerto Rico by enabling them to better meet the needs of their customers and supporting their company's continued growth."