"ALLTEL has completed daily, month-end, quarter-end and year-end processing no later than 7 a.m. EST on the first business day of the year five years in a row, enabling clients to access their systems when they returned to work on Jan. 2," said Jim Milligan, president of ALLTEL Information Services' financial services division. "This year, we completed processing by 5 a.m. EST on Jan. 2."
The year-end processing of loans is a resource-intensive project that amasses 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. ALLTEL'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.
"Because year-end processing is such a critical project, ALLTEL employees are focused on it throughout the year," said Cynthia FitzGerald, ALLTEL's senior vice president of operations and customer support. "Through the dedication of this team and the support of our customers, we improved and streamlined the process and are proud to say we delivered another successful year end to our customers."
Fidelity National Financial (NYSE: FNF) has announced plans to acquire the financial services division of ALLTEL Information Services and the transaction is expected to close before the end of the first quarter of 2003.
ALLTEL is the leader in the mortgage loan automation industry and the largest U.S. provider of software and processing services to firms servicing residential mortgage loans. ALLTEL processes approximately 21.2 million residential mortgage loans, with balances exceeding $2.4 trillion. Additionally, ALLTEL provides servicing automation to nine of the top 25 subprime lenders.
Forty-eight of the top 50 U.S. banks rely on ALLTEL Information Services' products and services. More than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications. ALLTEL is the leading provider of deposit solutions in the United States with more than 108 million deposit accounts worldwide processed on ALLTEL deposit systems.
ALLTEL, with more than 12 million communications customers and nearly $8 billion in annual revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.