Lender Processing Services Inc. (LPS) has modified its MSP loan servicing platform to accommodate the single-point-of-contact (SPOC) provision included in consent orders issued by the Office of the Comptroller of the Currency and the Federal Reserve last month.
With the MSP updates, clients will be able to assign, view and obtain information on the single point of contact assigned to each specific loan throughout the life of the loan.Â
‘Offering mortgage loan servicers the ability to specify a single point of contact for each mortgage loan helps streamline loss mitigation workflows, increases borrower satisfaction with the process and enables mortgage loan servicers to comply with the proposed regulation quickly and easily,’ says Greg Whitworth, executive managing director of the LPS Servicing Solutions division. Â
The system update adds a tracking field within MSP to record SPOC information, as designated by the mortgage loan servicer. LPS will also provide fields in ancillary products, and the company says it is working to broaden the scope of its SPOC functionality to all areas of mortgage loan servicing, whether that mortgage loan is current or in any stage of default.
