""Lender Processing Services, Inc."":http://www.lpsvcs.com (LPS) and ""KMC Information Systems"":http://www.kmcis.com/ (KMCIS) announced Friday that the two firms have teamed up to create an end-to-end foreclosure processing solution for loan servicers.[IMAGE]
LPS is a Jacksonville, Florida-based technology, data, and analytics firm that provides default servicing solutions to the mortgage and real estate industries. KMC equips law firms and trustees with case management and integration technology and is headquartered in St. Louis, Missouri.
The companies plan to integrate certain LPS technologies with KMCIS' ""CaseAware"":http://www.caseaware.com platform to improve the efficiency and transparency of foreclosure processing, they explained.
""LPS has a rich history and a proven track record of delivering technology that enhances processing efficiency for our clients while helping to manage compliance with state, regulatory, and investor requirements,"" said Bob Caruso, executive managing director of LPS Transaction Services. ""This improved connectivity between CaseAware[COLUMN_BREAK]
and LPS will provide greater confidence to all the constituents involved in the foreclosure process and help meet each of their specific needs and requirements.""
LPS already delivers technologies that address enterprise workflow, title work orders, invoicing, and other critical functions that help servicers, attorneys, and trustees reduce expenses and increase operational efficiencies. The company's flagship loan servicing system is used to service 50 percent of the nation's mortgages by dollar volume.
KMCIS' CaseAware platform provides law firms and trustees with a configurable case management system which can be quickly modified to conform business processes to changes in regulations, client service level agreements (SLAs), or investor requirements, all without programmer intervention. More than 100 law firms and trustees across the country utilize CaseAware as their operating system of record.
""The enhanced integration of these technologies will be extremely beneficial to all parties involved in the foreclosure process through greater data integrity, and move those involved toward the goals of single point of entry and less FTE [full-time employee] cost for law firms,"" said Wes Kozeny of KMCIS.
Kozeny says servicers will benefit from an increased focus by their law firms on managing legal, regulatory, and client- and investor-specific requirements; the law firms will spend less time managing data exchanges and focus more on process management; and the borrower will see greater levels of process integrity and transparency.
""Beyond that, all parties will benefit from the entire process, from referral to resolution, by having a single electronic trail,"" Kozeny added.