LSI, a provider of property valuation and settlement services, has announced the introduction of a program that enables servicers to outsource the fulfillment of private mortgage insurance release requests.Under the Outsourced Private Mortgage Insurance Release Program, servicers can outsource the requests to an unaffiliated third-party provider, eliminating liability and increasing quality control of the process and documentation requirements, LSI said. (The federal Homeowners Protection Act requires lenders to cancel, or release, PMI automatically when loan-to-value ratios fall to 78% of the property's original value.) For servicers seeking intermediate levels of involvement in the PMI release process, the company is offering two additional versions of the program: insourced and hybrid. "The Insourced program will provide servicers with increased control over borrower interaction as compared to the Outsourced program," LSI said. "The Hybrid version combined elements of both the Outsourced and the Insourced programs." LSI is a division of Fidelity National Financial Inc., Jacksonville, Fla., which can be found online at http://www.fnf.com.
