JACKSONVILLE, Fla. – (February 18, 2009) – Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services to the mortgage industry, announced today that Private National Mortgage Acceptance Company, LLC (PennyMac), a leading specialty manager of residential mortgage assets, has signed a multiyear contract to service its first mortgages and home equity lines of credit utilizing LPS’ Mortgage Servicing Package (MSP).
Approximately 50 percent of all U.S. mortgages are serviced on MSP. MSP supports all areas of PennyMac’s servicing, including loan setup and maintenance, cashiering, escrow administration, investor accounting, default management and regulatory reporting. In addition to MSP, PennyMac is leveraging LPS’ complete suite of mortgage solutions, including valuation products, title decisioning solutions, flood services, workflow management platform (LPS Desktop), risk management solutions, document services and default services.
Formed in early 2008 with the objective of addressing the dislocations in the U.S. mortgage market, PennyMac acquires and manages residential mortgage assets on behalf of private investors. Earlier this year, PennyMac announced that investment funds managed by its affiliate, PNMAC Capital Management, purchased more than $550 million in home loans resulting from the collapse of First National Bank of Nevada.
“Our strategy is to keep borrowers in their homes through programs that address both their ability and willingness to pay their mortgages. Simultaneously, we are creating value for investors,” said Stanford L. Kurland, PennyMac’s chairman and chief executive officer. “MSP is the leading and most comprehensive servicing system available, and is the right system for PennyMac as we look to jump-start and significantly grow our business.”
In addition to automating all areas of servicing, MSP offers PennyMac industry expertise in its customer support organization, PowerCell®; compliance with all appropriate federal regulations; and a technology group that delivers data center and disaster recovery services.
“PennyMac is helping to address the challenges in the mortgage industry by bringing fresh capital to the mortgage market,” said Dan Scheuble, co-chief operating officer of LPS and president of LPS’ Mortgage Processing Services division. “We expect to see PennyMac continue to acquire distressed assets, and LPS offers the integrated solutions that will aid PennyMac in its growth.”
About PennyMac
Private National Mortgage Acceptance Company, LLC (PennyMac) is a financial services firm created to address the dislocations in the U.S. mortgage market. PennyMac’s focus is acquiring and managing residential mortgage assets on behalf of private investors. The company is managed by a team of mortgage industry veterans led by Stanford L. Kurland, and is based in Calabasas, Calif. PennyMac’s strategic partners are BlackRock (NYSE: BLK) and Highfields Capital. For more information about PennyMac, please visit www.PennyMacUSA.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.
Media Contact: Michelle Kersch, 904.854.5043, michelle.kersch@lpsvcs.com
Investor Contact: Parag Bhansali, 904.854.8640, parag.bhansali@lpsvcs.com