Lender Processing Services Inc. (LPS) has introduced several new products and services, including a new non-escrow tax functionality and an automated valuation model that incorporates permissible-purpose Multiple Listing Service (MLS) data.
Version 2.0 of the LPS Desktop Tax Management application includes new functionality that LPS says will enable servicers to electronically load and match non-escrowed tax search results and delinquency letter cycles, pay delinquent taxes and build tax lines for escrow collection. The system integrates with LPS Desktop, tax vendor systems and the LPS MSP system.
With the updated version, all non-escrow loans in a portfolio can be compared against annual tax search results and flagged as "taxes paid," "taxes unpaid" or "no match found," LPS explains.
With the company's newly announced Realtor Valuation Model (RVM), users can see supply-side data, with MLS listings available on the front page of the report, the company says.
SOURCE: Lender Processing Services