Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced that it successfully completed year-end mortgage loan processing for its mortgage servicing clients on Jan. 1, 2011. All month-end, quarter-end and year-end processing was completed by early morning for loans serviced using LPS' Mortgage Servicing Package (MSP) and are processed in LPS' Jacksonville data center.
During this project, LPS processed nearly 37 million loans for 67 servicing clients, while maintaining standard system access to LPS' MSP loan servicing platform. The year-end processing of loans is a resource-intensive project involving employees from multiple departments that review various activities that have occurred throughout the year. Mortgage servicers must annually report prior-year account information to mortgagors to meet regulations for the Internal Revenue Service (IRS) and other government agencies, as well as to meet internal reporting requirements. LPS' year-end processing enables clients to comply with these business-critical requirements by compiling loan information, generating exception and balancing reports and creating annual statements for mortgagors.
"For more than 45 years, we have had a reputation for always completing year-end processing and having the system available on the first business day of the new year," said Dan Scheuble, co-chief operating officer of LPS and president of its Mortgage Processing Services division. "Our superior processing technology and expert 24-hour support are the foundation of this long-term track record of success and demonstrate why clients continue to rely on LPS in an industry facing unprecedented change."
For more information, visit www.lpsvcs.com.