Florida-based ""Lender Processing Services"":http://www.lpsvcs.com (LPS) has added additional functionality to its MSP loan servicing platform that the company says will help servicers better track and manage loans belonging to military service members.[IMAGE]
LPS' Military Service Relief (MSR) workstation adds 30 fields to MSP to allow servicers to identify and process loans protected under the Servicemembers Civil Relief Act (SCRA), while providing stop-gap measures to guard against foreclosing on military personnel.[COLUMN_BREAK]
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 Joseph Nackashi LPS' chief information officer.
""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,"" Nackashi explained.
LPS says future MSR enhancements will deliver additional functionality related to default and credit bureau reporting, as well as reconciliation of advances.
The company's MSP is used to service approximately half of the nation's mortgage loans by dollar volume.