Magazine article Mortgage Banking

LPS Desktop Loss Mitigation Deploys HAMP Functionality

Magazine article Mortgage Banking

LPS Desktop Loss Mitigation Deploys HAMP Functionality

Article excerpt

Lender Processing Services Inc. (LPS), Jacksonville, Florida, a leading provider of integrated technology and services to the mortgage and real estate industries, announced the release of Home Affordable Modification Program (HAMP) functionality for its LPS Desktop[TM] Loss Mitigation application. LPS Desktop Loss Mitigation is a component of the Web-based LPS Desktop enterprise workflow solution that enables servicers to streamline business processes and manage documents and invoices online.

LPS incorporated the HAMP functionality in response to the Homeowner Affordability and Stability Plan (HASP) introduced by President Obama in February 2009. HAMP is the loan-modification initiative of HASP, the government-sponsored effort to stabilize the housing market by aiding at-risk homeowners in danger of losing their homes to foreclosure. As a result of HAMP, it is estimated that servicers will process approximately 3 million to 4 million home loan modifications.

"HAMP has greatly increased the number of individuals seeking assistance from servicers; however, until now, servicers lacked the necessary technology to efficiently respond to this high volume of modification requests," said Laura Maclntyre-Sosa, chief operating officer for LPS Desktop.

"In order to assist the efforts of our servicer clients to address this challenge, we have deployed HAMP functionality within the LPS Desktop Loss Mitigation application, providing servicers with an integrated and scalable technology solution to streamline the HAMP modification process. …

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