Lender Processing Services Announces New Mass Loan Modification Solution

LPS' RediMod is a highly-automated and innovative solution that addresses processing and fulfillment needs for mass loan modifications by automating loan eligibility and best-fit determinations for modification programs. This is combined with robust customer contact strategies that are integrated across multiple contact channels and customer follow-up capabilities that can be tailored to the servicer's requirements. Using RediMod, servicers can assist their delinquent and at-risk borrowers without replacing or upgrading their core technology infrastructure.

"Servicers are under increasing pressure to limit the number of defaulted loans and assist borrowers in their efforts to stay in their homes," said Dan Scheuble, co-chief operating officer of LPS and president of the Mortgage Processing Services division. "RediMod provides a flexible and immediate solution that extends a servicer's current technology rather than replaces it, allowing for a very quick implementation."

While RediMod is intended to provide a complete solution to servicers, it has been developed in a modular fashion - allowing those with partial workout processes in place to add capabilities as needed.

The solution includes data and analytics models that assign each loan in a portfolio a default propensity and loss severity score, as well as a highly configurable rules engine that identifies the borrowers who are delinquent or at risk of defaulting. These loans then are run through a process that identifies the best possible workout option based upon factors, set by the servicer, such as loan type, net present value or investor. When the best workout option has been determined, LPS creates the appropriate modification package - either paper or as an eDocument - and delivers it to the borrower and images it for quality control. Finally, through strategic partnerships, LPS provides best-in-industry customer follow-up to ensure modifications are successfully fulfilled.

"RediMod has the flexibility to support a wide range of servicers' needs," said Grace Brasington, executive vice president of LPS' Strategic Consulting Services. "By providing implementation and process improvement consulting, coupled with a solution based on industry best practices to streamline the key mass modification functions in a modular fashion, LPS can quickly allow servicers to better manage this unprecedented volume of workouts."

About Lender Processing Services

LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention, risk management and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' MSP. In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com .

SOURCE Lender Processing Services, Inc.

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