JACKSONVILLE, Fla.,
Oct. 29, 2013 /PRNewswire/ -- Lender
Processing Services, Inc. (NYSE: LPS), a leading independent
provider of valuation services, integrated technology, data and
analytics to the mortgage and real estate industries, announced the
release of its Home Equity Valuation solution that meets the
interagency guideline requirements for both appraisals and
evaluations for home equity loans.
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In support of recent advisories from the Office of the
Comptroller of the Currency urging banks to strengthen their
oversight of the home valuation process related to home equity
loans, LPS' Home Equity Valuation solution provides a
USPAP-compliant appraisal report format that meets these higher
standards. It incorporates an automated valuation model (AVM), a
subject property inspection by a local, licensed real estate
professional, and a state-licensed or certified appraiser's
independent desktop appraisal for a credible, cost-effective
valuation.
Additionally, the Home Equity Valuation workflow can be
customized to meet client-specific risk management policies.
For example, more complex properties, such as those that are
high-end, rural, or have a unique design or location, can be
seamlessly upgraded to more traditional drive-by or interior
appraisals, to offer clients a solution that addresses all of their
home equity valuation needs.
"As the housing market begins to recover and equity returns to
homeowners in certain markets, regulatory scrutiny of property
valuation tools for home equity lending is also increasing," said
Mark Johnson, president of LPS' LSI
division. "As a result, lenders can no longer rely solely on the
more conventional AVMs and Property Condition Reports (PCRs) to
meet evolving compliance guidelines."
"As the leading provider of integrated data and analytics to
mortgage lenders, servicers and investors, LPS produces AVMs that
are among the most trusted in the industry," said Rob Walker, managing director, LPS Data &
Analytics. "And, because the AVM component of the Home Equity
Valuation solution uses LPS Data & Analytics' expansive
property database, this USPAP-compliant appraisal solution renders
a credible and cost-effective valuation that will help lenders
mitigate risk and meet new compliance requirements."
"LPS' Home Equity Valuation solution is a powerful, affordable
and USPAP-compliant tool that addresses today's regulatory concerns
and simultaneously raises the bar for the rest of the industry,"
said Johnson.
About Lender Processing Services (LPS)
LPS (NYSE: LPS)
delivers comprehensive technology solutions and services, as well
as powerful data and analytics, to the nation's top mortgage
lenders, servicers and investors. As a proven and trusted partner
with deep client relationships, LPS offers the only end-to-end
suite of solutions that provides major U.S. banks and many federal
government agencies the technology and data needed to support
mortgage lending and servicing operations, meet unique regulatory
and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing,
portfolio retention and default servicing. LPS' servicing solutions
include MSP, the industry's leading loan-servicing platform, which
is used to service approximately 50 percent of all U.S. mortgages
by dollar volume. The company also provides proprietary data and
analytics for the mortgage, real estate and capital markets
industries. Lender Processing Services is a Fortune 1000 company
headquartered in Jacksonville,
Fla. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.
