Lender Processing Services, Inc. (LPS) reported Thursday that year-end processing of all loans serviced using its Mortgage Servicing Package (MSP) and processed in its Jacksonville, Florida data center was completed on January 1, 2010.

During the year-end routine, LPS processed more than 35 million loans for its mortgage servicing clients, while also maintaining normal system access, the company said.

Mortgage servicers are required by the Internal Revenue Service (IRS) 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, the company explained.

Jerry Dollarhide, VP and manager of Huntington Mortgage Group, credits the ongoing guidance of LPS’ support teams for the “smooth, stress-free year-end” processing.

“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,” said Dollarhide. “We appreciate how much thought, pre-planning, and coordinated execution LPS put into the effort to ensure our mortgage servicing team succeeded.”

According to LPS, approximately 50 percent of all U.S. mortgages by dollar volume are serviced using its Mortgage Servicing Package (MSP).