SFF BOMBSHELL- DEPOSITION TRANSCRIPT OF LPS/ FIDELITY BILL NEWLAND

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SFF BOMBSHELL- DEPOSITION TRANSCRIPT OF LPS/ FIDELITY BILL NEWLAND

SFF BOMBSHELL- DEPOSITION TRANSCRIPT OF LPS/ FIDELITY BILL NEWLAND

The latest bombshell follows with a brilliant 325 Pg. Deposition of LPS/ Fidelity’s Bill Newland.

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EXCERPTS:

2   Q    Sure.  Are there any attorneys who are not
3   members of the Fidelity — or the LPS attorney network
4   who can access your Process Management system?
5        A    Not that I’m aware of.
6        Q    And is it a fact that the only attorneys who
7   are using Process Management are attorneys who have
8   signed a referral agreement with LPS?
9        A    That would be correct.
10        Q    So, while your clients are free to choose
11   whomever as a foreclosing attorney, if they are an MSP
12   user and they are an LPS — they have an LPS agreement
13   with you for Default Solutions, the only attorneys
14   available on LPS system are attorneys who have signed
15   a contract with LPS?
16        A    That have signed a contract with LPS, yes.

<SNIP>

3        Q    So I just want to be sure.  What you’re
4   testifying to is that there is no compensation ever
5   paid by the servicer to LPS Default Solutions for all
6   this work that it does on behalf of the servicer with
7   respect to the foreclosure?
8        A    No.
9        Q    There is compensation or there is not
10   compensation?
11        A    No, there’s no compensation.
12        Q    Is it your testimony then that the only fees
13   which LPS Default Solutions collects with respect to
14   the foreclosure of any given loan is the
15   administrative support fee charged to the network
16   attorneys?

17        A    Yes.
18        Q    And the division of LPS Default Solutions
19   which we are here about today and which you are
20   testifying as a 30(b)(6) representative, the only
21   source of income it derives for its work with respect
22   to foreclosure is the administrative support fee?

23        A    That’s my understanding.


Continue below to the transcript…

[ipaper docId=45556213 access_key=key-rvgb96qx4uuxvufi2md height=600 width=600 /]

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4 Responses to “SFF BOMBSHELL- DEPOSITION TRANSCRIPT OF LPS/ FIDELITY BILL NEWLAND”

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  1. […] This post was mentioned on Twitter by ForeclosureSecrets, DinSFLA. DinSFLA said: SFF BOMBSHELL- DEPOSITION TRANSCRIPT OF LPS/ FIDELITY BILL NEWLAND http://goo.gl/fb/4AeCx […]

  2. […] StopForeclosureFraud.com has posted the deposition from one of my Bankruptcy Boot Camp Graduates, Nick Wooten.  Who do you think the LPS attorneys really work for—the Mortgage Servicers or LPS Default Solutions?  Well, forget about the guess work, Bill Newland, an LPS officer, has answered this question under oath at this deposition.  Please check out their blog post with the deposition. […]

  3. […] between LPS and the law firms that prosecute foreclosure cases throughout the nation.  Click here for a link to the […]

  4. […] between LPS and the law firms that prosecute foreclosure cases throughout the nation.  Click here for a link to the […]


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