As legal issues wind down, LPS looks to increase business

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As legal issues wind down, LPS looks to increase business

As legal issues wind down, LPS looks to increase business

This is from an emailed tip:

Below is interesting info cut/pasted/edited from the LPS Investor Conference call held this week:
.

1.  We expect to be completed with a document execution review in the second quarter…don’t know that everything will be completed by year-end…it’s the same process we’ve been in for a while…it’ll just continue to drag maybe early 2014.

2.  It’s…an issue of…places where we’ve…stepped away from contracts…our margin and risk tolerance level.

3.  [W]e did not settle with the State of Nevada….And our suits with the FDIC also remain…And [indiscernible]

4.  Questions about sales of servicing rights and the potential for more; any negative impact on LPS and opportunity with the special servicers like Nationstar is answered by Hugh Harris, CEO, President AND director (hmmmm….) – with Nationstar…a great relationship… installed our desktop,…(and) our LendingSpace platform.

5.   Bank of America has led (the sales of mortgage servicing rights)…they’re not on our platform.

6.  So…opportunity for (LPS) to pick up servicing…because of who is buying the servicing.

7.  Obviously, if Ocwen buys it, we don’t have a shot at that right now.

8.  But all the other buyers we’re pretty much working with, in one way or another.

9.  Wells Fargo…planning on just selling the servicing rights and maintaining a sub-servicing arrangement… which will continue to be good for us.

10.  Origination Services revenue… roughly half of our volume is coming from HARP…(both) consumer-driven (and) the banks alerting the consumer…

11.  The (main driver behind the) seasonal uptick in default in Q2 (is due to) springtime…when we have a lot of grass cuts on property maintenance…a rather sizable impact in the second quarter that we did expect.

JaxDailyRecord-

After more than three years of investigations by federal and state authorities into foreclosure processes, the legal issues that have saddled Lender Processing Services Inc. and its mortgage banking clients are winding down.

For Jacksonville-based LPS, which provides technology services to mortgage lenders, the focus now is on increasing business as financial institutions adjust to new industry standards.

“As lenders move beyond legacy issues, including the recent settlement of many bank consent orders, we are seeing an even greater focus on deploying technology to re-engineer processes and to address the cost structure of originating and servicing loans,” LPS Chief Executive Officer Hugh Harris said in the company’s quarterly conference call last week.

[JAXDAILYRECORD]

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