Lender Processing Services Inc. (LPS) has announced that it has successfully completed year-end processing for its mortgage servicing clients on Jan. 1, 2012. All month-end, quarter-end and year-end processing for loans serviced using the MSP loan servicing platform was completed at the LPS Jacksonville Data Center early on New Year's Day. LPS client groups service more mortgages by dollar volume with the MSP service than any other system. During this project, LPS processed and provided support for 62 clients on more than 34 million loans while maintaining standard system access to its loan servicing platform.
"A well-executed, on-time year-end process is vitally important to our clients, given the rigorous internal and external reporting that is required of them," said Dan Scheuble, chief operating officer for LPS. "Throughout 2011, we were also very aggressive in designing and implementing new functionality to our core MSP servicing technology to help our clients address complex regulatory changes and to be more productive."
Mortgage servicers are required to report account information to mortgagors on an annual basis to meet IRS and other agency regulations. Year-end processing for LPS compiles the necessary loan information; generates exception and balancing reports; and creates the annual statements for the loans in each mortgage servicing client's portfolio. Each year, this process is completed through a wide-ranging corporate project that involves employees from multiple departments.