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LPS streamlines the refinance process with RediRefi.

Lender Processing Services Inc. (LPS), Jacksonville, Florida, has launched its RediRefi suite of solutions, designed to help lenders more effectively manage capacity challenges associated with loan refinancing.

LPS' RediRefi program is a customizable, full-service solution that can help lenders improve the success rate of their refinance campaigns. RediRefi includes tools that automatically identify the loans that are eligible for and likely to refinance, pre-qualify those loans for a refinance offer and execute a targeted marketing campaign. LPS then couples those tools with fulfillment services to provide a complete streamlined refinance solution.

LPS' experienced consultants help lenders manage the complete refinance process without having to increase internal staff. Using RediRefi, lenders can maximize their refinance campaigns, manage portfolio runoff and minimize loan fallout without having to make significant investments in fixed costs.

In July, "President Obama announced an enhancement to the Home Affordable Refinance Program, allowing borrowers to finance up to 125 percent of their home's current value. This new opportunity is causing lenders to seek additional ways to handle origination volume," said Al Verkuylen, chief strategy officer of LPS' LSI Division.

"RediRefi provides lenders with a flexible and immediate solution for successful HASP [Homeowner Affordability and Stability Plan] refinance campaigns without increased staffing or fixed costs to deal with a short-term market cycle," Verkuylen said.

While RediRefi is a complete refinance solution, it has been developed in a modular fashion. This allows lenders to select the specific services they need to improve their current refinance process. RediRefi includes data and analytics models to identify loans at risk of prepayment; LPS' eSignature platform, ClosingStream[TM]; and tools to optimize the refinance offer that can increase capture rates, manage the solicitation process and streamline the loan fulfillment. Through strategic partnerships, LPS provides customer follow-up to ensure refinances are successfully completed, according to the company.

"RediRefi has the flexibility to support a wide range of lenders' needs, and is designed based on industry best practices," said Grace Brasington, executive vice president of LPS' Strategic Consulting Services. "Regardless of whether you implement the end-to-end solution or specific components of RediRefi, lenders can expect to see dramatic improvements when they re-engineer their processes by leveraging LPS' technology and consulting services," she said.
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Title Annotation:TechNewz; Lender Processing Services Inc.
Comment:LPS streamlines the refinance process with RediRefi.(TechNewz)(Lender Processing Services Inc.)
Publication:Mortgage Banking
Geographic Code:1USA
Date:Aug 1, 2009
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