LPS Completes Successful Year-end Mortgage Loan Processing
LPS Processed More Than 34 Million Loans for 62 MSP Clients at Year-end
JACKSONVILLE, Fla., March 5, 2012 – Lender Processing Services, Inc. (NYSE: LPS), a leading provider of technology, data and analytics to the mortgage and real estate industries, announced it successfully completed year-end processing for its mortgage servicing clients on Jan. 1, 2012.
“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.”
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.
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.
About Lender Processing Services
Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology, services and mortgage performance data and analytics to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation, portfolio retention and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by dollar volume are serviced using LPS’ loan servicing platform, MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, visit www.lpsvcs.com.