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LPS Offers Clarification to Recent Article
JACKSONVILLE, Fla., April 5 /PRNewswire-FirstCall/ — Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage industry, today provided clarification to a recent article published by the Wall Street Journal.
As indicated in LPS’ most recent Form 10-K, filed in February 2010, LPS reported that during an internal review of the business processes used by its document solutions subsidiary, the Company identified a business process that caused an error in the notarization of certain documents, some of which were used in foreclosure proceedings in various jurisdictions around the country.
The services performed by this subsidiary were offered to a limited number of customers, were unrelated to the Company’s core default management services and were immaterial to the Company’s financial results. LPS immediately corrected the business process and has completed the remedial actions necessary to minimize the impact of the error.
LPS subsequently received an inquiry relating to this matter from the Clerk of Court of Fulton County, Georgia, which is the regulatory body responsible for licensing the notaries used by the Company’s document solutions subsidiary. In response, LPS met with the Clerk of Court, along with members of her staff, and reported on the Company’s identification of the error and the status of the corrective actions that were underway. LPS has since completed its remediation efforts with respect to all of the affected documents and believes the Clerk of the Court has completed its review and closed the matter.
As stated in the Company’s Form 10-K, the U.S. Attorney’s office for the Middle District of Florida is reviewing the business processes of this subsidiary. LPS has expressed its willingness to fully cooperate with the U.S. Attorney. LPS continues to believe that it has taken necessary remedial action with respect to this matter.
About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention, risk management and default, augmented by the company’s award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS’ MSP. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.
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