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Lender Processing Services acquires LendingSpace

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JACKSONVILLE, Fla. (7/6/12)--Lender Processing Services Inc. (LPS), a mortgage processor, has acquired LendingSpace, a provider of mortgage loan origination software.

The LendingSpace technology platform will augment LPS' other origination technology solutions, which include Empower, a platform used by mortgage lenders with complex system configuration and customization needs, and PCLender, which is used by credit unions, mortgage lenders and community banks that leverage more standardized technologies.

The LendingSpace product suite features a correspondent lending platform, including full Web-enabled capabilities to improve collaboration between retail originators and their correspondent lending partners. These capabilities include loan registration, data and document integration, status, condition management, funding and secondary market and investor delivery capabilities, which are critical to the success of correspondent lenders, said the companies.

The LendingSpace product suite also features lead management capabilities, reverse mortgage product capabilities and third-party vendor integrations. All LPS origination systems, also will incorporate LPS' Loan Quality Gateway to assist originators with their loan-quality requirements.

The acquisition is scheduled to close later this month.

CUAnswers extends free text banking period

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GRAND RAPIDS, Mich. (7/6/12)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization (CUSO), has extended its free text-banking promotion through October 2013.

In December 2010, the company initially offered It's Me 247 Mobile Text Banking to its base of more than 200 credit union clients at no charge to credit unions for 18 months to help credit union develop a text banking presence. At its 2012 annual Leadership Conference held in June, CU*Answers extended the free period, giving credit unions an additional 18 months to grow text banking among their memberships.

It's Me 247 Mobile Text Banking includes real-time, text alerts for tasks balance inquiries, loan payment due dates, automated clearinghouse deposits and withdrawals posted. The text banking product includes an automated member pricing component to allow credit unions to offer the service for a monthly charge or on a per-text basis, with integrated relationship waivers.

It's Me 247 Mobile Text Banking is a companion to CU*Answers It's Me 247 online banking and mobile Web banking products offered by the CUSO within the network.

MCUA signs partnership with Floyd and Associates

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ST. LOUIS (7/6/12)--The Missouri Credit Union Association has signed an agreement with John M. Floyd & Associates (JMFA) to be the association's preferred provider for overdraft privilege services.

JMFA Overdraft Privilege is an automated program designed to provide credit union members with a safety net in the event of overdrafts due to member accounting errors or financial emergencies.

It also reduces staff times spent on handling and processing insufficient funds items, and helps credit unions increase their non-interest income.