Lender Processing Services (LPS) Acquires Rising Tide Auctions

November 2, 2009 9:23 AM EST

Lender Processing Services, Inc. (NYSE: LPS) today announced its acquisition of Rising Tide Auctions, which is known for its market-leading property auction expertise and innovative property auction strategy. The acquisition will expand the asset management offerings of LPS and allow the company to provide comprehensive property auction solutions to help servicers minimize REO timelines and reduce costs. Furthermore, real estate buyers and investors will be provided with the ability to purchase individual or multiple bank-owned properties directly from the nation's leading REO disposition service provider.

Mortgage servicers have long relied on a wide range of default-related solutions from LPS, including national field services, full-service asset management, title and closing services, as well as bankruptcy and foreclosure management. With the addition of property auction services through LPS, servicers now have more REO management options from a single provider.

Additionally, servicers working with LPS Auction Solutions will benefit from the company's ability to manage all aspects of the auction process from beginning to end, including data collection, property due diligence, open house showings and the auction event. To help ensure timely REO dispositions, the company also utilizes a comprehensive broker outreach program to encourage broker participation in the auction events.

LPS Auction Solutions' technology and reporting capabilities play a critical role in driving efficiency throughout the auction process and in keeping participants well informed. Web-based technology is used to communicate property details to potential buyers, enable the initiation of pre-emptive sales and allow simultaneous online bidding. Reporting functionality keeps servicers informed by providing access to sales metrics, auction day selling data and post-auction escrow information.

"Rising Tide Auctions brings significant assets to LPS, including an impressive team of executives with more than 30 years of successful property auction marketing experience," said Chad Neel, president of LPS Asset Management and Field Services. "By integrating property auction services with LPS' other leading default solutions, we can offer our clients an unparalleled toolset for managing and disposing of REO assets that delivers the best overall results. This acquisition solidifies LPS' position as the leading provider of asset management solutions."

LPS Auction Solutions takes a creative and comprehensive approach to auction property marketing, including the development of compelling property sales materials, as well as extensive outreach involving radio, television and print advertising, direct mail and e-mail campaigns, public relations initiatives and social media engagement.

No financial terms were disclosed in the release.

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