LPS successfully completes year-end mortgage loan processing, on time and without issue MortgagePress.comLender Processing Services Inc., processing, servicing, Mortgage Servicing Package, Wells Fargo Home Mortgage
Lender Processing Services Inc. (LPS), a provider of integrated
technology and services to the mortgage industry, has announced it
completed year-end processing of all loans serviced using its
Mortgage Servicing Package (MSP) and processed in its Jacksonville
data center on Jan. 1, 2009. All daily, month-end, quarter-end and
year-end processing was completed and balanced by 3:30 p.m. on Jan.
Shawn Schossow, vice president, Wells Fargo Home Mortgage, said,
"2008 year-end processed seamlessly and in a very timely fashion.
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
"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," said Dan
Scheuble, LPS' co-chief operating officer and president of its
Mortgage Processing Services division. "All service levels were met
or uperior support and technology services that makes LPS a leader
in the industry."
For more information, visit www.lpsvcs.com.