A new year, another successful year-end processing for all of ICE’s 92 mortgage and home equity servicing clients.
On Jan. 1, 2024, ICE helped 92 clients successfully complete all month-end, quarter-end and 2023 year-end processing for almost 52 million active and inactive loans serviced using the industry-leading ICE MSP® loan servicing system, all within a single day.
“Each year, we have 24 hours to execute on one of the most important processes on the calendar, and our talented servicing experts, working with our valued clients, once again hit a home run,” said Jimmy Avery-Young, Senior Director, Client Support for ICE Mortgage Technology®. “Our staff prepares for year-end processing months in advance, and our system expertise, plus our ability to exceed customer expectations for this important event, are some of the many reasons why our clients continue to rely on ICE for exceptional servicing support.”
Year-end processing is an important annual event that mortgage servicers must perform to meet both internal and regulatory reporting requirements. To help clients meet these obligations, ICE employees from departments across the company complete hundreds of tasks from helping clients compile loan information, generate exception and balancing reports, and create annual statements for borrowers. To provide additional support for servicers, ICE offered a comprehensive year-end training course to help clients prepare for the necessary tasks important for this year’s requirements, as well as support a smooth and timely year-end processing.
Year-end processing must be completed in a single day. ICE worked to synchronize and coordinate the split between the month-end and year-end cycles for its clients by offering three different schedule choices: clients could pick Friday, Saturday or Sunday based on their availability. And ICE helped every client complete processing within timelines.
MSP is ICE’s industry-leading loan servicing system, built to transform servicing operations and elevate the customer experience by digitizing and automating complex mortgage processes. MSP is scalable to support servicing portfolios of any size – and it is continuously updated to help servicers meet servicing regulatory requirements. It supports first mortgages and home equity portfolios on a single system, meaning MSP can provide servicers with significant advantages, including improved compliance support, risk mitigation, lower operating costs and a better experience for both customers and back-office employees. MSP helps servicers manage all aspects of their operations – including payment processing, escrow administration, customer service, default management, and more.