LPS Unveils Solution for Single Point-of-Contact Compliance

In an effort to help mortgage servicers respond to the consent orders issued by the Office of the Comptroller of the Currency and the Federal Reserve last month, Florida-based ""Lender Processing Services, Inc."":http://www.lpsvcs.com (LPS) has announced enhancements to its mortgage loan servicing platform (MSP).

The consent orders require mortgage servicers to provide borrowers with a dedicated single point-of-contact for[IMAGE] [COLUMN_BREAK]

specific loss mitigation and servicing functions. Via LPS's MSP, clients can assign, view, and obtain detailed information on the single point-of-contact assigned to each specific loan throughout the life of the loan.

""Offering mortgage loan servicers the ability to specify a single point of contact for each mortgage loan helps streamline loss mitigation workflows, increases borrower satisfaction with the process, and enables mortgage loan servicers to comply with the proposed regulation quickly and easily,"" said Greg Whitworth, executive managing director of LPS's servicing solutions division.

The new feature adds a tracking field within MSP to record single-point-of-contact information as designated by the mortgage loan servicer. LPS will also provide fields in ancillary products to support consistency across all communication channels.

LPS is working to broaden the scope of its single-point-of-contact functionality to all areas of mortgage loan servicing whether that mortgage loan is current or in any stage of default.