A leading technology provider has announced the launch of a new tool it says will help servicers meet CFPB requirements.
Lender Processing Services (LPS) has launched its Error Resolution Tracking tool, which it says is designed to aid servicers in meeting CFPB requirements for recording, tracking and responding to consumer complaints about possible errors with their loans.
The software integrates with the company's MSP servicing platform, and links incoming borrower correspondence with the MSP loan number. LPS said the software would auto-generate an initial response to borrower complaints, acknowledging their receipt, and preserve an audit trail of all borrower correspondence received and sent.
"With the CFPB's deadline fast approaching, servicers are looking for solutions that can be implemented quickly to help them enhance compliance and control," said Joe Nackashi, CIO and executive vice president of the LPS Servicing Solutions and Technology division. "Error Resolution Tracking delivers highly efficient capabilities for servicers to gain more control over processes, provide a timely response to their borrowers and be better prepared to respond to new CFPB regulatory requirements."