LPS Processed More Than 35 Million Loans for its Mortgage Servicing Clients 

Lender Processing Services, Inc. (LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today announced that year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville data center was completed on January 1, 2010. All daily, month-end, quarter-end and year-end processing was completed and balanced by 2:50 p.m. on January 1.  

“We attribute the success of this year's smooth, stress-free year-end process to the ongoing guidance we received from the support teams at LPS,” said Jerry Dollarhide, vice president and manager, Huntington Mortgage Group. “The continual preparation and updates throughout the year, reminders, timetables and bulletins ensured we had updated, accurate information from our mortgage customers, investors and vendors to efficiently process our year-end data. We appreciate how much thought, pre-planning and coordinated execution LPS put into the effort to ensure our mortgage servicing team succeeded. Our business structure demands flexibility in scheduling to coordinate our mortgage customer records with our other processing and servicing systems. LPS continues to step up, to partner with us to find solutions that will enable our customers throughout our organization to have a great service experience.”

During the year-end process, LPS processed more than 35 million loans for its mortgage servicing clients, while also maintaining normal system access. Mortgage servicers are required by the Internal Revenue Service and other government agency regulations to report prior-year account information to mortgagors. As a result, the year-end processing of loans is a resource-intensive project that is a culmination of activities throughout the year. By compiling loan information, generating exception and balancing reports and creating annual statements for mortgagors, LPS’ year-end process enables clients to comply with governmental requirements and meet internal reporting standards.

“We’re proud to have successfully completed year-end processing and balancing before our clients opened for business after the New Year’s holiday,” said Dan Scheuble, LPS’ co-chief operating officer and president of its Mortgage Processing Services division. “Clients rely on our superior expertise and technology to execute a smooth year-end process for this business-critical function, and LPS continues to deliver or exceed client expectations year after year.”