New Mortgage Servicing Technology Further Protects Military Personnel From Foreclosure
JACKSONVILLE, Fla. – [Dec. 6, 2011] – Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced added functionality in the MSP loan servicing platform that will help servicers better track and manage loans belonging to military service members.
LPS developed the Military Service Relief (MSR) functionality within MSP, which adds additional stop-gap measures to help servicers further identify and process protected loans with greater ease and confidence.
The Servicemembers Civil Relief Act (SCRA) prohibits mortgage servicers from foreclosing or seizing property from active-duty military personnel unable to meet their mortgage obligations. The protection from foreclosure lasts up to nine months after active duty has ended, and service members also qualify for interest rate limits and other shields under the law.
“Due to the current mortgage environment, LPS saw a widespread need to add additional holds and stop-gap measures to help servicers identify loans belonging to our nation’s military personnel,” said LPS Chief Information Officer Joseph Nackashi. “The expanded functionality can capture and store information about a borrower’s active duty status, while other unique identifiers detect SCRA-eligibility to ensure fees are not assessed or collected in error and that payoff interest is calculated using the correct SCRA rate limits.”
The MSR functionality delivers 30 more loan-level fields in MSP, the technology used to service approximately half of the nation’s mortgage loans by dollar volume. With these expanded capabilities, servicers can better manage loans for active-duty military personnel.
Future MSR enhancements will deliver greater functionality related to default and credit bureau reporting, as well as reconciliation of advances.
For more information, please visit http://www.lpsvcs.com/LPSCorporateInformation/PressReleases/Pages/06122011.aspx.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation, portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.
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Michelle Kersch,(904) 854-5043
Nancy Murphy,(904) 854-8640