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June 4, 2012 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced that its LPS Applied Analytics division has launched the LPS Industry Lien Matching service. The new service allows mortgage servicers to identify a match between a first and a subordinate lien and then transport this vital data from one servicer to another, which supports co-modification efforts for subordinate liens following a first-lien modification.
As part of the modification process, LPS Industry Lien Matching provides participating servicers with the transparency needed to identify all loans associated with a first lien, which is especially critical when a property has subordinate liens being serviced by different servicers.
LPS maintains a servicing database of subordinate liens that are eligible for co-modification. Information from this database is used to match a first lien modification to a subordinate lien. When there is a match, the servicer of the second lien is notified of the first lien modification status and is provided with the information necessary to offer a modification of the subordinate lien.
"Today's economic climate, heavily influenced by increased government programs and regulatory oversight, has driven loan modifications and workouts to all-time highs," explained
Dan Berman, president of LPS Applied Analytics. "The LPS Industry Lien Matching service offers an unprecedented ability for broad, holistic co-modification solutions across the mortgage industry."
About Lender Processing Services
Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.