JACKSONVILLE, Fla. – November 5, 2009 – Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today announced that Citizens Financial Group (CFG) has implemented LPS’ suite of RediMod solutions to streamline loan modifications. As part of RediMod, CFG is leveraging the following LPS solutions:
• ClosingStream, an e-signature solution
• A series of analytics and forecasting tools, including OptiMod, to provide the best-fit loan modification recommendations and Mortgage Scores to identify loans most likely to default and the loss severity of those loans
• Proactive Risk Management, a risk management platform that delivers targeted loss mitigation recommendations at any point of borrower interaction
Wrapped around these solutions are strategic consultants who provide enterprisewide recommendations for improved best practices and more efficient processes.
“LPS has woven its Strategic Consulting practice into each step of the modification process, and this, in conjunction with LPS’ proven solutions included in RediMod, is what made LPS the right partner,” said Brad Conner, vice chairman of Consumer Finance at CFG. “We have leveraged LPS’ solutions for more than 20 years and are excited to further expand our relationship.”
“We developed RediMod to support servicers as they work to modify loans and create other workout solutions for borrowers,” said Dan Scheuble, co-chief operating officer of LPS. “We are excited to partner with CFG to implement this complete offering and provide the data, analytics, technology and consulting they need to succeed.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is a $153 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has 1,480 branches, approximately 3,600 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets as of June 30, 2009. CFG is owned by RBS (The Royal Bank of Scotland Group plc). CFG’s Web site is citizensbank.com.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (Desktop) portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by volume are serviced using LPS’ Mortgage Servicing Package (MSP). In fact, many of the nation's top servicers rely on MSP, including eight of the top 10 and 14 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