Real estate information and technology firm Lender Processing Services Inc. is offering to notify its servicer clients when a property in their loan portfolio is listed in a multiple listing service.
LPS’ It’s Listed! Alerts are available through the firm’s Lien Alert service, which monitors loans for activity that could present a risk for servicers, such as property tax delinquencies, foreclosure filings, and lien status changes. Lien Alert is available for ongoing portfolio monitoring, a one-time portfolio review, or a single real-time property report, LPS said.
"Servicers benefit when they have early notification of when their customers put their properties on the market," said Rob Walker, managing director for the LPS Applied Analytics division, in a statement.
"It’s Listed! Alerts is an early notification system that gives servicers the opportunity to help expedite short sales by identifying delinquent borrowers in their portfolio who have listed their properties. The solution can also help servicers retain their customers by giving their lending departments a heads-up when current borrowers have listed their properties."
The MLS listing data comes from Realtors Property Resource (RPR), a subsidiary of the National Association of Realtors that generates analytics products based on public property records and historical listings data obtained through partnerships with MLSs.
In 2009, NAR acquired a data platform from LPS to assist in its development of the RPR database. In the exclusive agreement, both parties agreed to split equally between RPR and LPS any revenue generated from sales of analytics. The It’s Listed! Alerts are produced under that agreement, LPS told Inman News.
For the alerts, servicers will provide LPS with a list of loans to match against MLS listing data received from RPR and LPS will provide them with an updated file indicating whether or not a property is listed, and if it is, its listing price and days on market, LPS said. RPR can also notify a property’s listing agent should a servicer ask for more information about a property.