London Bridge Signs Up a Big REO Client.

London Bridge Group's mortgage banking unit, based in Atlanta, has added functionality to several products that will be highlighted at the company's exhibit hall display at this year's convention.

And coming off a massive, three-year refinancing boom, London Bridge executives hope that mortgage bankers are starting to take a breather and think about updating their systems. Already one major lender has chosen to work with London Bridge's REO management technology, company officials said.

While the company was announcing enhancements to its construction lending program just before the MBA convention, that's not the only talking point on London Bridge's agenda.

Jim Brown, chief technology officer for London Bridge's mortgage and e-commerce divisions, told MSN that more than half of all mortgage loans that go into default are serviced on the LenStar platform.

LondonBridge is introducing imaging to LenStar, responding to increased use of imaging among major servicers. LenStar already automates most communication between servicers and default vendors such as attorneys, but imaging will eliminate the need to actually mail mortgage note documents for lenders that use imaging technology to integrate it with LenStar.

In addition, Mr. Brown said LenStar contains workflow that allows lenders to ensure that foreclosure procedures are followed.

"The system makes sure that the attorneys adhere to regulatory guidelines, and the lender can always monitor that," he said.