Lender Processing Services Inc. (LPS) has formally launched a short-sale service to help servicers review and respond more quickly to short-sale offers.
The company's Asset Management Solutions unit, which includes a network of asset managers who manage, market and sell distressed properties, will draw upon related LPS resources, including property preservation and code enforcement services, title and closing services, analytics, valuations, MLS data and market trending data.
LPS will work directly with its servicer clients to review title; assess and resolve junior liens; review property values against short-sale offers; evaluate the equity position for each transaction; perform occupancy checks; and provide property preservation services, if necessary.
‘As the need for short-sale management continues to increase, servicers must have an exceptionally efficient process in place for accuracy, timeliness and high-performance results,’ says Chad Neel, president of LPS' asset management, field services and auction units. ‘With our extensive industry and short-sale experience and resources, we are ideally poised to help servicers streamline the short-sale process, enabling them to keep costs down and work with defaulted homeowners more effectively."
The company will coordinate short-sale offer reviews to provide guidance on whether the offers are in line with local market values and appropriate for the servicer's objectives. Additionally, LPS can either manage the entire closing process for short-sale offers that are accepted, or support servicers with property auction and deed-in-lieu services to expand the choices available to help clients and their borrowers conclude their transactions, the company says.