JACKSONVILLE, Fla. – (January 5, 2009) – Lender Processing Services, Inc. (LPS) announced today that U.S. Bank Home Mortgage has signed a multiyear contract renewal to service its more than 1 million mortgages on LPS’ Mortgage Servicing Package (MSP).
“MSP has proven to be a reliable, stable and scalable servicing platform,” said Robert Smiley, executive vice president of U.S. Bank Home Mortgage. “When you combine that with LPS’ implementation and professional services, training, account management, and ancillary applications, MSP is a winning solution for U.S. Bank. The future direction of LPS’ solutions matches and complements our need for processing solutions, and we look forward to leveraging additional LPS solutions in our organization.”
Approximately 50 percent of all U.S. mortgages are serviced on MSP. With MSP, U.S. Bank automates all areas of its servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting.
“U.S. Bank has been a valued partner for more than 25 years, when their first loans at predecessor, Lincoln Service Mortgage in Owensboro, moved to MSP in August 1983,” said Dan Scheuble, co-chief operating officer of LPS and president of the Mortgage Processing Services division. “This partnership has enabled U.S. Bank to gain the highest level of efficiencies in their servicing organization.”
In addition to MSP, U.S. Bank leverages LPS’ appraisal services, McDash Online (a benchmarking tool that enables U.S. Bank to perform complex analysis on large loan-level datasets in seconds), eRelease (a complete, end-to-end lien release solution) and invoicing features of LPS Desktop (an enterprise workflow management system).
U.S. Bank is a Freddie Mac Tier One Hall of Fame and FHA Tier One servicer.
About U.S. Bancorp
U.S. Bancorp, with $247 billion in assets as of September 30, 2008, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States as of that date. The company operates 2,769 banking offices and 5,159 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
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, risk management 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.
Investor Contact: Parag Bhansali, 904.854.8640, parag.bhansali@lpsvcs.com
Media Contact: Michelle Kersch, 904.854.5043, michelle.kersch@lpsvcs.com