FIS offers the Mortgage Servicing Package (MSP), giving mortgage bankers the ability to automate all areas of loan servicing, including loan setup and maintenance, customer service, cashiering, escrow administration, investor accounting, default management, corporate accounting and federal regulatory reporting.
MSP provides automation to service a wide range of loan products including, but not limited to, fixed-rate mortgages, adjustable-rate mortgages, construction loans, equity lines of credit and daily simple interest loans.
MSP is the mortgage banking industry’s most widely used servicing system. It is used to service more than 29 million loans with a principal balance of $4.5 trillion. Additionally, MSP provides comprehensive automation for the subprime market and services more than 2.5 million subprime loans.
More than 50 percent of mortgages in the U.S. are serviced on MSP. It is fully integrated and offers a comprehensive set of mortgage servicing functions within one system. FIS Electronic Data InterChange (EDI) interfaces further expand the functionality of MSP by integrating outside data sources.
FIS' comprehensive, leading-edge technology supports business objectives and provides the foundation for success at many financial services organizations. In fact, more mortgage servicers use MSP than any other servicing system on the market.
Re-Architecting MSP
During the next few years, the FIS team will transform the platform that has leads the industry into a servicing solution that will continue to dominate the industry for decades to come. The system will be re-architected into a comprehensive core platform without the need for add-on products, and will come complete with integrated workflow.