US mortgage technology giant LPS sets up a new facility in India

New York: Florida-based Lender Processing Services Inc (LPS), a provider of mortgage-processing services to lenders, has set up a new mortgage technology services facility in India.

The Jacksonville, Florida-based Fortune 1000 company has a revenue base of $1.8 billion and more than 7,000 employees. Its technology is used by lenders to handle about 50 percent of all US mortgages by dollar value.

Hugh R Harris, the CEO and president of LPS, believes India has the people and tech talent to enable the US firm to more readily scale operations. He acquired the facility in Hyderabad as part of the firm’s acquisition of LendingSpace, an Indian technology company that offers an end-to-end mortgage loan origination software system, in 2012.

LPS plans to hire at least 300 people over the next six-to-twelve months to grow its 40,000 square foot Hyderabad facility, which currently has 200 employees.

“We anticipate tremendous growth in the next three to five years, as well as the chance to work on emerging technologies that will leverage the talented professionals and infrastructure in India,” said Casey Williams, senior vice president of LPS’ Global Delivery Services.

“As a market leader in mortgage technology in the US, LPS has a unique edge that translates to numerous opportunities for employees in India,” added Williams.

In addition to supporting the LendingSpace platform, employees in the new India facility will also provide development quality assurance for LPS’ mortgage servicing solutions.

The US firm said that this, in turn, will speed development cycles, which will enable LPS to bring new solutions, as well as enhancements to existing solutions, to market more quickly.

LPS, which offers technology, services, data and analytics to the mortgage and real estate industries is listed on the New York Stock Exchange.