JACKSONVILLE, Fla. – August 21, 2012 - Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced an agreement with RentRange to offer rental property income data to mortgage servicers, investors and others in need of reliable rental market intelligence to make informed decisions related to distressed housing assets.
With many servicers contemplating rental programs for their acquired assets, LPS will now provide RentRange reports to clients seeking accurate rent estimates for these real estate-owned (REO) properties and to investors and others wanting established values for properties based on their rental income potential.
“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, whose clients include most of the nation’s top mortgage servicers. “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 reliable rent estimates for their REO properties. RentRange can also be used by investors, asset managers, REITs or hedge fund managers seeking to value properties or a portfolio of loans based on rental income potential.
RentRange reports ordered through LPS will incorporate property characteristics data from LPS’ nationwide property database for higher levels of confidence in the accuracy and quality of the reports.
RentRange can reliably estimate the monthly rental income a residential property is expected to yield using neighborhood comparables and other factors, as well as provide confidence scores and other market intelligence – such as vacancy rates, market saturation and relative market strength – down to the ZIP code level. The solution also provides rental rate historical trends and rates for specific addresses by ZIP codes and cities.
“The rental property market is on the rise because of low interest rates and home prices, and modest increases in rents in many markets. Our product is the best way to offer reliable rental market intelligence to those trying to understand the market and make informed decisions during this increasingly active time,” said Walter Charnoff, founder/CEO at RentRange.
About Lender Processing Services
Lender Processing Services (NYSE: LPS) is a Fortune 1000 company headquartered in Jacksonville, Fla., employing approximately 8,000 professionals nationwide. 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.
About LPS Applied Analytics
A division of Lender Processing Services, LPS Applied Analytics is a trusted resource for mortgage lenders, servicers and investors—providing market-leading data and analytics solutions to help them succeed. These offerings allow professionals to improve performance, proactively identify risk, create mitigation strategies and accurately estimate collateral value. An integral part of parent company LPS’ end-to-end solution suite, LPS Applied Analytics solutions include:
• Mortgage performance data
• Real estate data
• Behavioral models
• Portfolio analytics
• Property valuation