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Tag Archives: LPS

Industry’s Past Due Mortgages = 6,350,000

Data released by Lender Processing Services (LPS) Tuesday puts the number of home mortgages that are delinquent or in foreclosure at 6,350,000. The company's assessment is based on mortgage performance statistics derived from its loan-level database through the end of the month of May. In April, LPS reported that there were 6,388,000 mortgages going unpaid. The month-over-month decline can be attributed to both a decrease in the national delinquency rate and a drop in foreclosure inventories.

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Inventory Overhang Means 6.5M New Households Needed

Experts blame the massive inventory of existing homes on the market for hindering the housing sector's recovery. The overhang has been inflated by large volumes of foreclosures, and it's expected to grow with millions more coming down the pipeline. One economist says it will take 6.5 million new household formations to absorb the excess inventory. He expects it will take five years to achieve that goal and emerge from the self-defeating cycle of oversupply pushing prices down, the negative equity triggering defaults, and in turn, further increasing the oversupply.

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LPS Names Former Deputy AG as Firm’s New SVP of Government Affairs

Lender Processing Services, Inc. (LPS), a Jacksonville, Florida-based provider of technology, data, and analytics to the mortgage and real estate industries, announced Monday that Joe Jacquot has been named SVP of government affairs. Jacquot served from 2007 to 2011 as deputy attorney general of Florida and chief of staff for former Attorney General Bill McCollum.

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Lender Processing Services Launches Mortgage Intelligence Product

Lender Processing Services, Inc. (LPS) has launched a new reporting and analytics solution. The company says mortgage servicers can use the new LPS Business Intelligence (BI) product to measure and analyze performance indicators to help make more informed decisions about loans in their portfolios. With customizable views of loan data, users can identify and predict changes over time and quickly resolve issues that may arise.

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Attorneys General Subpoena Florida Firms in Foreclosure Probe

The attorneys general for the states of Illinois and California are casting a wider net in their investigations of faulty foreclosure paperwork, issuing subpoenas against two Florida-based firms that provide mortgage servicing support to lenders and servicers across the country. The state counsels say they have received reports of robo-signing practices on the part of the two firms - LPS and Nationwide Title. Statements from the AGs indicate that the reach of both companies and their extensive client bases have put them on the radar.

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LPS Applied Analytics Introduces New Equity Module

Lender Processing Services, Inc. recently added a new property module to its McDash Loan Data suite of products. The suite is offered by LPS's Applied Analytics division. The new module supplements the McDash database with an updated view of borrower equity. It combines public records information related to second liens with the analytic capabilities of the LPS Home Price Index to provide an indication of current total loan-to-value (LTV) ratios for residential housing across the country.

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LPS Reports an About-Face in Delinquency and Foreclosure Movement

Lender Processing Services (LPS) says market data it's pulled through the end of April reveals an increase in the national mortgage delinquency rate and a drop in the industry's foreclosure inventory. Both stats did a complete u-turn from the trajectory they were on the prior month. LPS says the ratio of mortgages 30 or more days past due but not yet in foreclosure rose to 7.97 percent in April, while properties in the midst of the foreclosure process declined to 4.14 percent.

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Nation’s Unemployment Rate Rises to 9.0%

The national unemployment rate rose to 9.0 percent in April, up from 8.8 percent in March, according to figures released Friday by the U.S. Department of Labor. Employers added 244,000 new jobs to their payrolls last month, but the government agency says the number of unemployed was little changed at 13.7 million, as people who had previously given up looking for work resumed their search. Job creation in the private sector accounted for all of last month's gains.

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LPS Unveils Solution for Single Point-of-Contact Compliance

In an effort to help mortgage servicers respond to the consent orders issued by regulators last month, Lender Processing Services (LPS) has announced enhancements to its mortgage loan servicing platform (MSP). The consent orders require servicers to provide borrowers with a dedicated single point-of-contact for 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.

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LPS Study Puts Foreclosure Inventory at All-Time High

A new report released by Lender Processing Services this week (LPS) indicates foreclosure activity picked up significantly during the month of March. LPS says the foreclosure inventory stood at 2.2 million loans as of the end of March - a new all-time high. The number of new foreclosure actions increased 33 percent from the previous month. At the same time, though, delinquencies dropped to their lowest level since 2008. LPS says new problem loans are now less than half 2009's peak levels.

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