AgentIndustry News

Prime loan delinquencies escalate

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Earlier this year, while attending a mortgage industry technology gathering in California, I decided to attend a press conference put on by Lender Processing Services Inc. While most consumers have never heard of LPS, this Jacksonville, Fla.-based technology firm probably has heard of you. That's because its technology platform, in one form or another, is used by the 50 largest banks in the country. Not only does LPS service loans, but its in-house economists have begun to extrapolate pertinent data points. And that caught my interest. "We have 40 million first loans and 5 million home equity loans and lines of credit in our repository and we see a lot of things from a trend perspective," Grace Brasington, LPS' executive vice president of strategic consulting services, told me after the press conference. I got a strong hint of what LPS was seeing, but it all sounded so out of joint with other prognostications that I decided to do a follow-up call to Steve Berg, m...