RISMEDIA, Feb. 21, 2008-Fidelity National Information Services, Inc. (FIS) announced it completed a successful year-end processing of loans serviced using its Mortgage Servicing Package (MSP) on January 1, 2008. All daily, month-end, quarter-end and year-end processing was completed and balanced by 1:30 p.m. on January 1.
Shawn Schossow, vice president, Wells Fargo Home Mortgage, said, “2007 year-end processed seamlessly in a year in which it was business critical, due to a shortened processing window. The planning, effort and support helped ensure a successful close of 2007.”
During the year-end process, the company says that FIS processed more than 38.5 million loans for 84 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. Mortgage servicers must annually report prior-year account information to mortgagors, under Internal Revenue Service and other government agency regulations, as well as meet internal reporting requirements. FIS’ year-end process enables clients to comply with these requirements by compiling loan information, generating exception and balancing reports, and creating annual statements for mortgagors.
“FIS is known for always completing year-end processing and balancing well before MSP clients open for business in the new year – something that is unmatched in the mortgage industry,” said Cynthia FitzGerald, executive vice president of the Customer Support and Services division of FIS’ Mortgage Servicing division. “This complements FIS’ 24-hour support that MSP clients receive every day, as well as our superior processing technology. Our successful year-end processing was symbolic of the many successes FIS experienced in the mortgage servicing arena throughout 2007.”
In 2007, nine new lenders signed contracts with FIS to implement MSP, and 17 lenders renewed their MSP contracts. In addition, several lenders, including Wachovia Bank, signed contracts to move their HELOCs to MSP.
FIS has significantly enhanced MSP to provide HELOC lenders with additional product flexibility and risk management over the last few years. In 2007, functionality was added to MSP to enable card access to HELOC funds and segmentation (loans within a line of credit).
The second component of FIS’ next-generation loan servicing system, MAGNIFIDE MSP, was released. This component included additional collections functionality and the first phase of loss mitigation. In addition, FIS released a tool to use for reporting, queries and analytics with regards to data in MAGNIFIDE MSP, called MAGNIFIDE Business Intelligence. Both items are in production with multiple FIS clients.
The company says that FIS further demonstrated its excellence in conversions by completing a major industry conversion of 1.3 million loans from one industry-leading servicer to another. FIS completed the conversion in partnership with the two servicers in record time – eight months from start to finish, including a two-month break for year-end processing.
In addition, FIS says they remained compliant with the ever-changing federal laws and regulations, appropriate to MSP, which required more than 20,000 development hours in 2007.
All of this contributed to FIS being ranked as the number one technology provider in the world in 2007 by the FinTech 100®, sponsored by American Banker and Financial Insights.
For more information, visit www.fidelityinfoservices.com.
