Mortgage technology provider Lender Processing Services is trying to help servicers comply with consent orders they signed with the federal government by devising a product that allows firms to quickly identify a single point-of-contact on each mortgage.
The product's announcement arrives a few week's after 14 mortgage servicers reached agreements to solve foreclosure-related issues with the Office of the Currency and the Federal Reserve.
Part of the corrective action assigned by the Fed involves the requirement that servicers ensure homeowners have a single point of contact to address issues related to their mortgages.
LPS said it has enhanced its mortgage loan servicing platform, MSP, to include a solution that will allow clients to easily assign and access information on the parties who serve as points of contact on each loan.
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