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JACKSONVILLE, Fla. – (February 12, 2009) – Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services to the mortgage industry, today announced it completed year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville data center on January 1, 2009. All daily, month-end, quarter-end and year-end processing was completed and balanced by 3:30 p.m. on January 1.
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 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,” said 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.”
About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention, risk management and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' MSP. In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.
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