JACKSONVILLE, Fla. – (August 13, 2008) – Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services to the mortgage industry, today announced that American Home Mortgage Servicing, Inc. (AHMSI) has signed a multiyear contract to service its loans on LPS’ Mortgage Servicing Package (MSP) and to use LPS Desktop for workflow management across all mortgage-related activities.
In partnership with LPS, AHMSI has converted 175,000 loans to LPS’ industry-leading servicing system. These loans are in addition to the 300,000 loans currently serviced using MSP that AHMSI recently acquired from another servicer.
“We more than doubled our portfolio with a recent acquisition and intend to continue to grow,” said David M. Friedman, president and chief executive officer of AHMSI. “The depth and breadth of MSP, combined with the flexibility and automation of LPS Desktop, make LPS the ideal partner for servicing our growing portfolio.”
AHMSI uses MSP in all areas of its mortgage servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting. By extending MSP with LPS Desktop, AHMSI also gains an integrated process management, imaging, and invoice and expense management solution.
“LPS offers the mortgage industry a powerful suite of tools to automate the servicing process,” said Dan Scheuble, president, Mortgage Processing Services division of LPS. “With simultaneous implementation of MSP and LPS Desktop, American Home Mortgage Servicing is positioning itself well for future growth and profitability.”
About AHMSI
AHMSI is a Fannie Mae/Freddie Mac approved servicer that is engaged in the business of servicing single family residential mortgage loans secured by properties located in all 50 states and the District of Columbia. AHMSI is a portfolio company owned by private-equity funds ultimately controlled by WL Ross & Co. LLC and has been servicing mortgage loans since April 11, 2008. As of the end of July 2008, AHMSI serviced approximately 475,000 first-lien, residential mortgage loans with an aggregate unpaid principal balance of approximately $89 billion.
About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' MSP. In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.
Media Contact: Michelle Kersch, 904.854.5043, michelle.kersch@lpsvcs.com
Investor Contact: Parag Bhansali, 904.854.8640, parag.bhansali@lpsvcs.com