Nearly 36 million mortgage loans zipped through Fidelity Information Services’ systems in 23 hours and 15 minutes on Jan.1, setting a new record for Fidelity’s year-end processing, the company said Monday.
The record time beat last year’s by four hours, according to the company.
During the 23 hours and 15 minutes, Fidelity’s superior servicing team processed more than 15,000 loans per minute, a new company record, Fidelity said. Fidelity Information Services is a division of Fidelity National Financial.
“Fidelity demonstrated their project management skills in coordinating the technical process throughout the year-end processing,” said Bob Caruso of Bank of America’s Consumer Real Estate Servicing, in a statement. “Bank of America had 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.”
Year-end loan processing 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.
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.
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