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September 04, 2012

LPS Partners with RentRange for Rental Property Income Data



Success in loan origination depends on various elements such as peak efficiency, full compliance, and high loan quality. All are important to optimizing a company’s and customers' satisfaction. Lender Processing Services is a company that provides proven origination tools to provide these elements. LPS’ loan origination technology, advanced data solutions and complete range of lead generation, appraisal, verification, title and closing products help keep lenders ahead of the curve.

Recently, the company partnered with RentRange.com, a provider of house rental services, to provide rental property income data to mortgage servicers and investors to make decisions related to distressed housing assets.

For real estate-owned (REO) properties and to investors and others looking for established values for properties based on their rental income potential, LPS will make available RentRange reports to clients seeking rent estimates. This product comes at a time when the rental property market is on the rise due to low interest rates and home prices, and modest increases in rents.

“LPS selected RentRange because we felt it offers the best empirically based rental estimates of any product on the market today," said Rob Walker, managing director of LPS Applied Analytics.

Adding, "RentRange is a powerful tool to help our clients make more informed decisions about real estate in a new and challenging environment." LPS Applied Analytics will provide the RentRange solution to mortgage servicers looking to make sell or hold-and-rent decisions on REO assets, or to calculate rent estimates for their REO properties.”

Recently, the company acquired LendingSpace, a provider of mortgage loan origination software solutions. The LendingSpace technology platform will enhance LPS' other origination technology solutions, which consist of Empower, a platform used by mortgage lenders with complex system configuration and customization requirements; and PCLender, which is used by mortgage lenders, credit unions and community banks that make use of more standardized technologies.

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Edited by Brooke Neuman
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