US mortgage technology giant LPS set up facility in Hyderabad

Lender Processing Services, Inc., a leading provider of mortgage processing services in the US, has set up product development centre here, its first office outside the US.

The New York Stock Exchange-listed $2 billion Fortune 1000 company sees India as a huge opportunity to help it grow further and hopes to leverage the centre to improve time to market.

Started with 40,000 sft space and 200 employees, LPS has aggressive hiring plans.

"We want to hire several hundred people. In the next 12 months, we will be hiring another 300 people," Ramesh Mirakhur, general manager, Global Technology Solutions, LPS Servicing Solutions and Technology Division, told IANS.

Responsible for leading the expansion of LPS in India, he is excited about the opportunity here and is confident that the India centre will come up with new products and new features to the existing products. It will also support company's customers in the US.

Mortgage is the term used in the US for housing loans.

With 8,000 employees at 20 locations across the US, LPS is the dominant player in the mortgage technology in the US, providing software services, data and analytics to mortgage lenders in the US including majority of top 50 banks in the US.

"We process more than 50 percent of the mortgages in the US on our technology platform," he said.

Though only five-year-old by the name LPS, it is the culmination of a number of previous companies which were merged over last 40 years. Its customers, who use its technology, pays it on per transaction basis.

LPS began its journey in India last year by acquiring Hyderabad-based company called Lending Space, which had created a product loan origination technology. "They had a few customers in the US. We got excited about their product. We saw it appealing," Mirakhur said.

LPS trained all 120 employees of Lending Space and recruited another 80.

Mirakhur hinted that the India facility may look at the opportunities in Indian market in future.

"We can sell our products anywhere in the world. They can be customized and sold. Our sales organization will decide this based on potential. We are clearly establishing a footprint here getting to know the country and the culture and the market is a huge positive for us to know what could be the potential in future," he added.