Lender Processing Services added new modules - the Loss Mitigation Module and the Mortgage Scores Module - to it lan level database that will deliver specific information for specific purposes. These new modules join the McDash Property Module, introduced in May 2011, the company said in a press release today.
The McDash mortgage scores module helps mortgage professionals assess industry trends and develop strategies around critical operational processes. The probability-of-default metric identifies high-risk loans, while the loss-severity metric helps to segment those loans with the highest potential of a loss, helping servicers more effectively manage risk.
The Mortgage Scores Module is integrated with LPS' Behavioral Library, a suite of software applications and models for a holistic view of mortgage performance, which helps to capture the impact of loan modifications, recidivism, extended foreclosure time frames, ZIP code-level home price projections, presence of second liens and the effects of government programs on borrower and servicer behavior.
The McDash Loss Mitigation Module includes details such as terms of modification, government program identifiers, flags for short sales and deeds in lieu, trial and payment plan information, and re-default rates. This type of information is critical for analyzing portfolios and responding to increased regulatory and legislative requirements.
"Servicers and investors need a reliable source of comprehensive loan-level data to create operational efficiencies and manage risk," said Herb Blecher, director of loan data products at LPS Applied Analytics. "McDash loan data and supplemental modules allow users to choose the most relevant data to help them achieve the results they want."