Lender Processing Services Inc. (LPS) has added functionality in the MSP loan servicing platform that the company says will help servicers better track and manage loans belonging to military service members.
The new Military Service Relief (MSR) functionality delivers 30 more loan-level fields in MSP and includes additional stop-gap measures to help servicers further identify and process protected loans, LPS says.Â
‘Due to the current mortgage environment, LPS saw a widespread need to add additional holds and stop-gap measures to help servicers identify loans belonging to our nation's military personnel," says LPS Chief Information Officer Joseph Nackashi. ‘The expanded functionality can capture and store information about a borrower's active-duty status, while other unique identifiers detect [Servicemembers Civil Relief Act (SCRA)] eligibility to ensure fees are not assessed or collected in error and that payoff interest is calculated using the correct SCRA rate limits."
Future MSR enhancements will deliver greater functionality related to default and credit bureau reporting, as well as reconciliation of advances, LPS adds.