Lender Processing Services Discusses Legal Issues

Lender Processing Services Discusses Legal Issues

Lender Processing Services Discusses Legal Issues

by Brett Horn | 10-06-10 | 9:09AM | E-mail Note

Lender Processing Services LPS held a conference call Wednesday to discuss its involvement in the mortgage foreclosure controversy and recent allegations against the company. Through its mortgage default services segment, which constitutes about half of the company’s revenue, LPS is deeply involved in processing mortgage foreclosures. Recently, with mortgage foreclosures heating up, there has been controversy surrounding lenders’ foreclosure procedures, which has led a few major mortgage lenders to halt foreclosures until they can verify that they are following the letter of the law. The main source of contention surrounds a practice called robo-signing. Whereas judicial foreclosure requires each foreclosure to be reviewed and vetted by someone knowledgeable about the case, lenders may have had employees signing foreclosures en masse without review. LPS had previously issued a press release stating that it is not involved in this practice, and it reiterated the point on the call. At this point, we see no reason to believe this is not correct, and we don’t see this as a major issue for the company.

The company also discussed two recent lawsuits filed against it, which allege that LPS illegally splits fees with foreclosure lawyers.

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4 Responses to “Lender Processing Services Discusses Legal Issues”

  1. IMPORTANT FACTS ABOUT FORECLOSURE AND MORTGAGE FRAUD

    Foreclosures via DECEPTIVE and FRAUDULENT PROCEEDINGS enables repetitive, and illegal property flipping; it enables lenders to falsify IRS form 1099-A’’s; it enables unscrupulous foreclosure mill lawyers (especially because of judges who purposefully abet deceit) to deceptively hold auctions and make insider bids to acquire those properties; and blighted neighborhoods. Fraudulent foreclosures ensure the success of FABRICATED BANKRUPTCY COURT ‘Lift Stay motions’ and false ‘Proof of Claims’.

    Two particular companies that benefit from fraudulent foreclosures are Wells Fargo and Freddie Mac. Representations about Freddie Mac’s billion dollar losses should be weighed against the needless money Freddie Mac –as well as other lenders– PAY to foreclosure mills and debt collectors who utilize court systems to outmaneuver and persecute property owners who oppose unlawful foreclosures and repossessions.

    Foreclosure fraud causes illegitimate homelessness and underhanded evictions, unjustified IRS tax bills due to false 1099-A’s, and unfair “Deficiency Judgments.” Ironically, some people who express their anger at “deadbeats” appear to be more acceptable about the manifest fraud and criminal activity being carried out by people with credentials to practice law. Equally ironic is the reality that some people pretending to be annoyed about “deadbeats”are the actual people who are participating in real estate racketeering -fully sanctioned by the majority of courts, especially Bankruptcy Courts! *more @
    http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and-mortgage-fraud/

  2. Karen says:

    I see this everyday. They will not modify short sale or anything its lost document after lost document then they forclose because all the documents are not in for the modification. After they say you have to be late to get one. Talk about fraud then if they do offer a modification they ad onlates fees attorneys fees late payments taxes ect. and make the principal higher on a house that is underwater anyway. I say we give them our houses and let them maintain them since they want them so bad they use illegal practices to get them.

  3. PJ says:

    Karen, that’ s HOPE & CHANGE 4 Ya’all… the HAMP bait & Switch will be wipped clean with HR.3808!

  4. Universally, experts agree that even in a BEST CASE SCENARIO, it will take many weeks to sort out who is holding the bag in all of this. Meanwhile while servicers, investors, insurers and foreclosure services companies like Lender Processing Services play HOT POTATO with liability suits, NO new foreclosures are being started. Most servicers are worried about their own liability with regard to obviously questionable document “re-creation” practices. Recently, a deposition from a Robo-signer in one of the largest document “fixers” testified that she had her own notary stamp, even though she wasn’t a notary. It’s like opening up Tuts Tomb. Untold treasures yet to be beheld. Better break out the emergency supplies Lender Processing Services, and make sure you bottle up lots of water… it’s gonna be dry, dry, oh so dry.

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