Lender Processing Services Inc. (LPS) has completed its year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville data center. All daily, month-end, quarter-end and year-end processing was completed and balanced by 3:30 p.m. on Jan. 1.
‘2008 year-end processed seamlessly and in a very timely fashion," says Shawn Schossow, vice president of Wells Fargo Home Mortgage. "The planning, effort and support provided by LPS helped ensure a successful close to 2008.’
During the year-end process, LPS processed more than 37 million loans for 76 clients, while also maintaining normal system access. The year-end processing of loans is a resource-intensive project that is a culmination of activities throughout the year. Under Internal Revenue Service and other government agency regulations, mortgage servicers are required to report prior-year account information to mortgagors.
By compiling loan information, generating exception and balancing reports, and creating annual statements for mortgagors, LPS' year-end process enables clients to comply with these requirements and meet internal reporting requirements.
‘Our clients rely on us to complete year-end processing and balancing well before they open for business in the new year – something that is unmatched in the mortgage industry,’ says Dan Scheuble, LPS' co-chief operating officer and president of its Mortgage Processing Services division. ‘All service levels were met or exceeded. This is just one example of the superior support and technology services that makes LPS a leader in the industry.’