JACKSONVILLE, Fla.,
Oct. 28, 2013 /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 the launch of
its Error Resolution Tracking solution, an innovative workflow tool
designed to assist mortgage servicers in meeting new Consumer
Financial Protection Bureau (CFPB) requirements for recording,
tracking and responding to consumer complaints regarding possible
errors with their loans. LPS can quickly implement Error Resolution
Tracking to help servicers meet the CFPB's compliance deadline of
Jan. 10, 2014.
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"With the CFPB's deadline fast approaching, servicers are
looking for solutions that can be implemented quickly to help them
enhance compliance and control," said Joe
Nackashi, CIO and executive vice president of the LPS
Servicing Solutions and Technology division. "Error Resolution
Tracking delivers highly efficient capabilities for servicers to
gain more control over processes, provide a timely response to
their borrowers and be better prepared to respond to new CFPB
regulatory requirements."
Using servicer-defined parameters within the configurable
settings in its logic and workflow, Error Resolution Tracking links
incoming borrower correspondence with the loan number in LPS'
MSP® servicing platform and assigns the borrower inquiry
to the appropriate work queue for immediate action. To help
streamline servicer response time, the solution auto-generates an
initial response to the borrower acknowledging receipt of their
complaint, and also preserves an audit trail of all borrower
correspondence received and sent. If the servicer determines more
time is needed to respond to a borrower's inquiry, the Error
Resolution Tracking solution auto-generates an extension
notification to the borrower.
While Error Resolution Tracking is integrated with MSP, the
solution may be used by all servicers. Using sophisticated queuing
technology, Error Resolution Tracking can help servicers reduce
time-intensive manual data entry in off-line systems, improve
response time to borrowers and increase accountability by providing
proper controls around the error resolution tracking process.
About Lender Processing Services (LPS)
LPS (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.
These integrated solutions support origination, servicing,
portfolio retention and default servicing. LPS' servicing solutions
include MSP, the industry's leading loan-servicing platform, which
is used to service approximately 50 percent of all U.S. mortgages
by dollar volume. The company also provides proprietary data and
analytics for the mortgage, real estate and capital markets
industries. Lender Processing Services is a Fortune 1000 company
headquartered in Jacksonville,
Fla. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.