Lender Processing Services Inc. (LPS) reports that year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville, Fla., data center was completed on Jan. 1. All daily, month-end, quarter-end and year-end processing was completed and balanced by 2:50 p.m. on Jan. 1.
During the year-end process, LPS processed more than 35 million loans for its mortgage servicing clients, while also maintaining normal system access. Mortgage servicers are required by the Internal Revenue Service and other government agencies to report prior-year account information to mortgagors. As a result, the year-end processing of loans is a resource-intensive project that is a culmination of activities throughout the year.
By compiling loan information, generating exception and balancing reports, and creating annual statements for mortgagors, LPS' year-end process enables clients to comply with governmental requirements and meet internal reporting standards, the company says.
Jerry Dollarhide, vice president and manager with Hunting Mortgage Group, credits LPS' support teams for the ongoing guidance they provide.
‘The continual preparation and updates throughout the year, reminders, timetables and bulletins ensured we had updated, accurate information from our mortgage customers, investors and vendors to efficiently process our year-end data," Dollarhide explains.
SOURCE: Lender Processing Services Inc.