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LPS Launches New Refinance Suite

""Lender Processing Services, Inc."":http://www.lpsvcs.com (LPS), a technology provider to the mortgage and real estate industries headquartered in Jacksonville, Florida, announced this week that its RediRefi suite of solutions is now available to help lenders manage capacity challenges associated with loan refinancing.
According to LPS, the RediRefi program is a customizable, full-service solution that can help lenders improve the success rate of their refinance campaigns. It includes tools that automatically identify loans that are eligible for a refinance, pre-qualify those loans for a refinance offer, and execute a targeted marketing campaign.
LPS then couples these tools with fulfillment services for a streamlined refinance solution. The company’s consultants can help lenders manage the complete refinance process without having to increase internal staff. LPS explained that with RediRefi, lenders can maximize their refinance campaigns, manage portfolio runoff, and minimize loan fallout without having to make significant investments in fixed costs.
Al Verkuylen, chief strategy officer of LPS' LSI division, commented, ""Last week President Obama announced an enhancement to the Home Affordable Refinance program, allowing borrowers to finance up to 125 percent of their home's current value. This new opportunity is causing lenders to seek additional ways to handle origination volume. RediRefi provides lenders with a flexible and immediate solution for successful [Making Home Affordable] refinance campaigns without increased staffing or fixed costs to deal with a short-term market cycle.""
Although LPS has positioned RediRefi as a complete refinance solution, the company explained that the suite has been developed in a modular fashion so lenders can select the specific services they need to improve their current refinance process. RediRefi includes: data and analytics models to identify loans at risk of prepayment; LPS' eSignature platform, ClosingStream; and tools to increase capture rates, manage the solicitation process, and streamline loan fulfillment. In addition, LPS said it uses its own strategic partnerships to provide customer follow-up that ensures refinances are successfully completed.
Grace Brasington, EVP of LPS' Strategic Consulting Services, said, ""RediRefi has the flexibility to support a wide range of lenders' needs, and is designed based on industry best practices. Regardless of whether you implement the end-to-end solution or specific components of RediRefi, lenders can expect to see dramatic improvements when they reengineer their processes by leveraging LPS' technology and consulting services.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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