Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage industry, says that Private National Mortgage Acceptance Co. LLC (PennyMac), a specialty manager of residential mortgage assets, has signed a multiyear contract to service its first mortgages and home equity lines of credit utilizing LPS' Mortgage Servicing Package (MSP).
MSP supports all areas of PennyMac's servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting. ‘PennyMac is helping to address the challenges in the mortgage industry by bringing fresh capital to the mortgage market,’ says Dan Scheuble, co-chief operating officer of LPS and president of LPS' Mortgage Processing Services division. ‘We expect to see PennyMac continue to acquire distressed assets, and LPS offers the integrated solutions that will aid PennyMac in its growth.’
In addition, LPS says its Aptitude Solutions division was selected by Nevada's Clark County to provide its OnCore software and related services to help further automate and streamline the county's land records system. LPS' Aptitude Solutions was chosen over five other software providers after a rigorous request for proposals process that lasted more than six months.
Clark County, the 15th most populous county in the U.S., will implement OnCore, a property recording solution for county governments. OnCore's up-front scanning technology enables counties to reduce internal paper flow and easily manage recording workloads by electronically moving images, instead of using traditional manual and paper-intensive processes, LPS notes.