Fidelity Sets Record for Year-End Mortgage Loan Processing
|February 22, 2005|
JACKSONVILLE, Fla. - Fidelity Information Services (“Fidelity”), a division of Fidelity National Financial, Inc. (NYSE:FNF), completed its most successful year-end processing in company history on January 1, 2005. Fidelity’s systems processed nearly 36 million mortgage loans in 23 hours and 15 minutes; four hours faster than the 2003 year-end processing. During this period, Fidelity’s superior servicing team processed more than 15,000 loans per minute, a new company record.
“Fidelity demonstrated their enterprise wide project management skills in coordinating, testing, training, communicating and overseeing the technical process throughout the year-end processing,” said Bob Caruso, an executive for Bank of America’s Consumer Real Estate Servicing and Business Operations. “In addition, Bank of America experienced a significant decrease in processing time compared to the year end cycle from 2003. Our customers and staff had access to year end 2004 information first thing Monday morning.”
“Fidelity’s exceptionally fast turnarounds, the availability of comprehensive around-the-clock support and the timely execution of year-end processes were critical components in our successful year-end process,” said Dean von Essen, vice president of MIS Operations & Development at Cenlar FSB.
The year-end processing of loans is a resource-intensive project that is a culmination of activities from throughout the year. Mortgage servicers must annually report prior-year account information to mortgagors, according to Internal Revenue Service and other government regulations, as well as meet internal reporting requirements. Fidelity’s year-end process enables clients to comply with these conditions by compiling loan information, generating exception and balancing reports and creating annual statements for the mortgagors.
Source: Fidelity National Financial, Inc.