"After the most recent economic downturn, the financial markets changed greatly. Today, many lenders and their investors would rather focus on building and expanding their origination platform, and outsource loan servicing until they grow to a size where it makes sense to bring servicing in-house," France said.
"As a portfolio management company, we allow the newer, smaller originators to take advantage of our large infrastructure and expertise without incurring the high overhead costs of developing their own platform," he said.
LPS has actively serviced loans since January 2011 and is currently managing approximately $50 million in auto portfolios. The company used the time since start-up to build its platform and prove out its business model ahead of today's full-scale launch.
"After almost two years of technology and process development and implementation, we are confident that our services will enable finance companies and their investors to maximize portfolio returns. Now the time has come to introduce LPS to more clients," France said.
The company welcomes clients who want to leverage LPS' economies of scale, as well as its decades of experience. France is an industry veteran with more than 25 years of loan servicing under his belt at Triad Financial, AmeriCredit and WorldOmni. The members of his team are also seasoned veterans of the industry, having worked with France throughout their careers.
"We tailor our approach to each client, so it doesn't matter whether you have five loans a month or 500. Either way, you will receive responsive service and highly effective servicing," France said.
Company representatives will be available to discuss LPS' services at the 2012 Auto Finance Summit Oct. 22-24 in Las Vegas, Nev.
About Loan Portfolio Servicing
Loan Portfolio Servicing (LPS) specializes in the management of subprime auto loans, with additional expertise in prime accounts.
The privately owned, boutique firm provides its clients with a top-tier experience in title and records management, account administration, customer care, collections, loss mitigation, repossession and remarketing management, and loss recovery.
With decades of industry experience, the LPS team has serviced more than 2 million collateralized loans across the full credit spectrum over the past 10 years alone. LPS has approximately $50 million in managed receivables and is headquartered in Fort Worth, Texas. For more information, visit http://www.loanportfolioservicing.com.