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Federal Reserve Board announces termination of enforcement actions against 10 banking organizations, civil monetary penalties against five of the 10, and termination of two joint orders against service providers LPS & MERSCORP

Federal Reserve Board announces termination of enforcement actions against 10 banking organizations, civil monetary penalties against five of the 10, and termination of two joint orders against service providers LPS & MERSCORP

The Federal Reserve Board on Friday announced the termination of enforcement actions related to residential mortgage loan servicing and foreclosure processing issued in 2011 and 2012 against 10 banking organizations. The Board also announced civil money penalties totaling $35.1 million against five of these 10 organizations that had not yet been fined for their mortgage servicing deficiencies related to those enforcement actions.

When it issued the mortgage servicing enforcement actions, the Board announced that it believed monetary penalties were appropriate for all firms subject to the actions for their mortgage servicing deficiencies. The Board previously assessed penalties against the other firms under mortgage servicing enforcement actions. With the penalties announced today, the Board has now assessed penalties totaling approximately $1.1 billion against all Federal Reserve supervised firms under mortgage servicing enforcement actions.

The 10 banking organizations are: Ally Financial Inc.; Bank of America Corporation; CIT Group, Inc. (as successor to IMB HoldCo LLC); The Goldman Sachs Group, Inc.; HSBC North America Holdings, Inc.; JPMorgan Chase & Co.; Morgan Stanley; The PNC Financial Services Group, Inc.; SunTrust Banks, Inc.; and U.S. Bancorp. The actions required all of the firms to improve oversight of residential mortgage loan servicing and required the firms with mortgage servicing subsidiaries supervised by the Federal Reserve to correct deficiencies in residential mortgage loan servicing and foreclosure processing. The termination of the actions was based on evidence of sustainable improvements in the firms’ oversight and mortgage servicing practices.

In addition, the Board announced the termination of a supplemental agreement with Ally, issued in 2012 after Ally’s mortgage servicing subsidiaries sought bankruptcy protection, which addressed the parent company’s contingent obligations under the 2011 enforcement action against Ally. This agreement is no longer necessary after the termination of the 2011 action announced on Friday.

The civil money penalties announced today are: $14 million against Goldman Sachs; $8 million against Morgan Stanley; $5.2 million against CIT (as successor to IMB); $4.4 million against U.S. Bancorp; and $3.5 million against PNC.

Also on Friday, the Board announced the termination by the Board and other federal financial regulatory agencies of joint enforcement actions issued in 2011 against Lender Processing Services, Inc. (LPS), which was succeeded by ServiceLink Holdings, LLC, and against MERSCORP Holdings, Inc., formerly known as MERSCORP, Inc. (MERS). These enforcement actions addressed deficiencies in the foreclosure-related services LPS and MERS each provided to entities regulated by the agencies. The Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are parties to the action against LPS. Each of these agencies as well as the Federal Housing Finance Agency are parties to the action against MERS. The termination of the actions was based on evidence of sustainable improvements in the foreclosure-related practices of LPS and MERS.

For media inquiries, call 202-452-2955.

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Anonymous donor helps evicted East Oakland woman buy back home

Anonymous donor helps evicted East Oakland woman buy back home

San Francisco Chronicle-

Last March, Dorothy DeBose was given 10 minutes to clear her belongings out of the home she lived in for most of her life.

The 76-year-old retired phone company employee was evicted from the East Oakland house her mother had left her after she fell behind on loan payments, a victim of predatory lending. I wrote several columns about DeBose and her attempts to buy back her house from the property management firm that had acquired it in a foreclosure auction.

Things weren’t looking good a few months ago until a generous Chronicle reader stepped in to help DeBose get her home back. The reader gave DeBose and her nephew, Omar Taylor, the downpayment they needed to buy back the home: $120,000.

[SAN FRANCISCO CHRONICLE]

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JPMorgan Helps Clients Buy Bitcoin Despite CEO Calling Bitcoin ‘a Fraud’

JPMorgan Helps Clients Buy Bitcoin Despite CEO Calling Bitcoin ‘a Fraud’

Fortune-

JPMorgan Chase has been routing customer orders for bitcoin -related instruments, a spokesman said on Monday, despite the bank’s chief executive’s calling the crypto currency “a fraud.”

Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency.

JPMorgan does not take positions in the instrument with its own capital and routes the orders electronically to exchanges, JPMorgan spokesman Brian Marchiony said.

“They are not JPMorgan orders,” Marchiony said. “These are clients purchasing third-party products directly.”

[FORTUNE]

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Gretchen Morgenson: A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie

Gretchen Morgenson: A Revolving Door Helps Big Banks’ Quiet Campaign to Muscle Out Fannie and Freddie

A behind-the-scenes effort of Wall Street banks to take over the mortgage market is driven by advocates who switch between roles in Washington and the private sector.

NYT-

Seven years after their dubious lending practices helped push the United States economy to the brink of disaster, the nation’s largest banks are closing in on a long-sought goal: to unseat Fannie Mae and Freddie Mac, the mortgage finance giants, and capture their share of the profits in the country’s $5.7 trillion home loan market.

Taking place largely behind the scenes, the movement to take over the mortgage market has been propelled in part by a revolving door between Washington and Wall Street, an investigation by The New York Times has found.

While the big banks’ effort to enshrine their vision into law has failed so far, plans to replace Fannie and Freddie — which have long supported the housing market by playing a unique role as so-called government-sponsored enterprises, or G.S.E.s — are still very much alive. The Obama administration has largely embraced the idea, and government regulators are being pushed to put crucial elements into effect.

[NEW YORK TIMES]

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Federal Banking Agencies Fine ServiceLink Holdings $65 Million For Improper Actions By Lender Processing Services, Inc. (LPS) Deficiencies

Federal Banking Agencies Fine ServiceLink Holdings $65 Million For Improper Actions By Lender Processing Services, Inc. (LPS) Deficiencies

Joint Release
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Federal Banking Agencies Fine ServiceLink Holdings $65 Million

WASHINGTON—The federal banking agencies today fined ServiceLink Holdings, LLC (ServiceLink Holdings), $65 million for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS), which resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers.

The penalty assessed by the three federal banking agencies–the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency–against ServiceLink Holdings satisfied the document review provision of the previous enforcement action. The agencies continue to monitor the company’s compliance with other provisions of that order.

The fine will be remitted to the U.S. Treasury.

Media Contacts

FDIC Julianne Fisher Breitbeil (202) 898-6895
Federal Reserve Eric Kollig (202) 452-2955
OCC Stephanie Collins (202) 649-6870

Related Link

# # #
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Action 9 helps local family get their home back after HOA foreclosure

Action 9 helps local family get their home back after HOA foreclosure

WFTV-

The Port Orange family who called Action 9 after their home was sold at an HOA foreclosure auction won’t be kicked out after all.

They lost their home after failing to pay just $1,900 in association fees.

The couple’s attorney had filed a motion to vacate the sale as a long shot.

[WFTV]

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Foley says Fidelity was ‘really dumb’ to let LPS get away

Foley says Fidelity was ‘really dumb’ to let LPS get away

Something tells me he obviously knew what was about to go on with robo-signing! So let the storm calm down and reacquire it…simple.


Jacksonville-

Nearly a year after reacquiring Lender Processing Services Inc., Fidelity National Financial Inc. Chairman Bill Foley wonders why the company ever got rid of LPS in the first place.

“Why we did that and how we let LPS get away from FNF, because that’s why we moved here to start with, we still are kind of mystified by that,” Foley said at an “Investor Day” presentation at the company’s Jacksonville headquarters Dec. 4.

Fidelity, which is mainly a title insurance company, bought the company that became LPS from Alltel Corp. in 2003 and then moved its headquarters from California to LPS’ offices in Jacksonville.

[JACKSONVILLE]

image: Jacksonville

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County could sue Lender Processing Services (LPS) over image use

County could sue Lender Processing Services (LPS) over image use

KPC NEWS-

A real estate database company has used information from the DeKalb County Recorder’s Office without paying, and the county may consider taking legal action, county officials said Monday.

Lender Processing Services allegedly used more than 315,000 images from DeKalb County, County Recorder Katie Firestone told the DeKalb County commissioners Monday. She said using the images normally would come with a price tag of $1 per image.

[KPC NEWS] subscription needed

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Housing Rights Group Says HUD Program Helps Wall Street, Hurts Homeowners

Housing Rights Group Says HUD Program Helps Wall Street, Hurts Homeowners

Truth Out-

After learning that his home was in foreclosure in July 2013, James Cheeseman received an even more unpleasant surprise when he showed up in court the following January. He was told that his mortgage loan had been sold by JP Morgan Chase and purchased by a company he had never heard of before – LVS Financial.

Cheeseman had already applied for a loan modification from Chase and says he was still awaiting a response when the loan sale occurred – a move that he and his attorney argue violates New York State foreclosure laws. Cheeseman says that the new servicer, BSI Financial, then required him to fill out a whole new loan modification application. In mid-September, he learned that he had been denied.

Though he is asking the court for another shot at a modification, this curveball has caused considerable distress for Cheeseman, 47, and his mother Constance, 75, who have resided in the New York home that they co-own for five years.

“I was shocked; I thought that [the resale of bundles of bad loans] was over,” he says. “That’s what got the country into trouble in the 2008 [mortgage crisis]. But lo and behold, it’s still going on.”

[TRUTH-OUT]

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Blind Manchester teen helps stop foreclosure auction of her house

Blind Manchester teen helps stop foreclosure auction of her house

WMUR-

A 17-year-old legally blind girl’s written plea for help halted the foreclosure auction of her family home in Manchester.

Lindsey Vachon suffers from a series of genetic conditions so rare that she is only one of five people in the world who has them. With just hours left before their house could be sold, Lindsey and her mother, Lynn Vachon, were in court trying to avert disaster.

A lawyer filed a motion Tuesday afternoon to stop the process less than 18 hours before the house was supposed to go up for sale.

“The foreclosure and the auction just became too big,” Lynn Vachon said. “Too big for me to help or understand or take care of, and then my hero stepped in.”

[WMUR]

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Judge Sanctions Nevada AG Over Class-Action Lawyer Attack On Mortgage Lender LPS

Judge Sanctions Nevada AG Over Class-Action Lawyer Attack On Mortgage Lender LPS

Whoa whoa whoa whoa… you can’t make this shit up!


FORBES-

A Nevada judge has ordered the state’s attorney general to pay legal and discovery costs to Lender Processing Services after the state failed to come up with evidence supporting a lawsuit accusing the firm of defrauding homeowners, an attorney for LPS said.

The order represents an extremely rare case of a judge finding the state’s highest legal officer acted improperly, said Mitchell Berger with Berger Singerman, a Florida lawyer perhaps most famous for representing Al Gore in his post-election disputes in 2000.

“I have been practing law for 34 years,” Berger said. “I’ve been around the block. And I’ve never seen an attorney general sanctioned.”

[FORBES]

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Lender Processing Services, Inc. (LPS) is now Black Knight Financial Services

Lender Processing Services, Inc. (LPS) is now Black Knight Financial Services

Fidelity National Financial, Inc. announced the reorganization of the former Lender Processing Services, Inc. (“LPS”) businesses, the formation of a wholly-owned subsidiary called Black Knight Financial Services, Inc. (“Black Knight”) and the issuance of a 35% interest in each of Black Knight’s two operating subsidiaries, ServiceLink Holdings, LLC (“ServiceLink”) and Black Knight Financial Services, LLC (“BKFS”), to funds affiliated with Thomas H. Lee Partners, L.P. and certain related entities.  Black Knight, through ServiceLink and BKFS, now owns and operates the former LPS businesses and FNF’s ServiceLink business.  FNF’s core operating subsidiaries now consist of Fidelity National Title Group, Inc. and Black Knight. 

BKFS consists of LPS’ former technology, data and analytics businesses and the technology offerings previously owned by FNF’s ServiceLink division. BKFS’ primary products and services include:

  • Empower®, PCLender® and LendingSpace® – enterprise-wide loan origination systems that support the correspondent, wholesale and retail markets
  • RealEC® – electronically connects mortgage lenders and their business partners, and supports the company’s loan quality offerings
  • MSP® – the leading residential mortgage servicing technology platform in the U.S.
  • LPS Desktop® and Fusion – comprehensive workflow platforms that support mortgage servicing
  • The world’s largest U.S. property database, that covers 99.9% of U.S. property records from over 3,000 counties
  • Most comprehensive mortgage performance data – represents nearly 70 percent of loans in the mortgage industry and provides the broadest breadth and depth of any single loan-level data source
  • Industry-leading analytics – Provide valuable insight that helps effectively manage risk, support regulatory compliance and improve decision-making

The name Black Knight Services, a nod to Fidelity National Chairman William “Bill” Foley’s alma mater at Army.

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Fidelity settles with FTC on LPS Acquisition, Required to Sell Title Plant Assets in Six Oregon Counties and the Portland Metropolitan Area

Fidelity settles with FTC on LPS Acquisition, Required to Sell Title Plant Assets in Six Oregon Counties and the Portland Metropolitan Area

FTC Puts Conditions on Fidelity National Financial’s Acquisition of Lender Processing Services

Fidelity Required to Sell Title Plant Assets in Six Oregon Counties and the Portland Metropolitan Area

For Release
December 24, 2013

Fidelity National Financial, Inc. has agreed to settle Federal Trade Commission charges that its proposed $2.9 billion acquisition of Lender Processing Services, Inc. (LPS) would likely substantially lessen competition by combining the firms’ title plant assets in several local markets in Oregon.

To preserve competition, the proposed settlement requires Fidelity to sell a copy of LPS’s title plants in six Oregon counties and an ownership interest equivalent to LPS’s share of a jointly owned title plant in the Portland, Oregon, metropolitan area. These divestitures are designed to counteract the likely anticompetitive effects of the transaction, while preserving any efficiencies that might arise from the combination of Fidelity and LPS.

Title plants are databases used by abstractors, title insurers, title insurance agents, and others to determine the title status of real property. Title plant users access this information to establish the chain of title and make other determinations in order to underwrite and issue title insurance policies.

On May 28, 2013, Fidelity entered into an agreement to acquire LPS for approximately $2.9 billion. Fidelity is a publicly traded company based in Jacksonville, Florida. It is a leading provider of mortgage services and diversified services to the mortgage industry, and is the largest title insurance underwriter in the United States. LPS also is a publicly traded company based in Jacksonville. It is a leading provider of technology solutions, transaction services, and data and analytics to the mortgage and real estate industries.

According to the FTC’s complaint, the proposed combination of Fidelity’s and LPS’s title plant assets in six individual Oregon counties and the tri-county Portland, Oregon metropolitan area is likely to substantially lessen competition, in violation of U.S. antitrust laws.

Oregon law requires title insurers to own an interest in a title plant in each county in which they issue policies. This requirement creates a barrier to entry for new firms seeking to provide title insurance underwriting. The proposed acquisition would eliminate one of only a few available title plants in six Oregon counties, and make it possible for Fidelity and only one other underwriter to exclude competing firms from having an interest in a joint title plant in the Portland metropolitan area. Without the provisions in the consent order, the FTC alleges that the proposed acquisition is likely to increase the risk of anticompetitive coordination between title plant owners in these local markets.

The proposed order settling the FTC’s charges will restore competition that is likely lost through the merger but will not interfere with any efficiencies that may be associated with the combination of the two companies. The proposed order requires Fidelity to sell a copy of LPS’s title plants serving the following Oregon counties to an FTC-approved acquirer within five months of closing the acquisition: 1) Clatsop, 2) Columbia, 3) Coos, 4) Josephine, 5) Polk, and 6) Tillamook. The required divestitures will preserve the number of independent title plants in each county.

In addition, the proposed order requires Fidelity to sell an ownership interest equivalent to LPS’s share in the joint title plant that serves the Portland area to an FTC-approved buyer, also within five months of the deal’s close. It also prohibits Fidelity from exercising its voting rights or influencing others to expel the buyer from the joint plant in the event that the buyer fails to operate an active title business for three months. This provision ensures that the buyer will have the flexibility to develop and carry out its title insurance business.

Finally, the proposed order requires Fidelity to notify the FTC in advance before acquiring any title plants in Oregon in certain circumstances that might raise anticompetitive concerns, and includes an order to maintain assets that requires Fidelity to maintain the title plant assets and the joint plant until the divestitures are complete.

The Commission vote to accept the consent agreement containing the proposed consent order for public comment was 3-1, with Commissioner Joshua D. Wright voting no. The Commission issued a separate statement and Commissioner Wright issued a dissenting statement. The FTC will publish a description of the consent agreement package in the Federal Register shortly. The agreement will be subject to public comment for 30 days, beginning today and continuing through January 23, 2014, after which the Commission will decide whether to make the proposed consent order final. Interested parties can submit written comments electronically or in paper form by following the instructions in the “Invitation To Comment” part of the “Supplementary Information” section.

Comments in paper form should be mailed or delivered to: Federal Trade Commission, Office of the Secretary, Room H-113, 600 Pennsylvania Avenue, N.W., Washington, DC 20580. The FTC is requesting that any comment filed in paper form near the end of the public comment period be sent by courier or overnight service, if possible, because U.S. postal mail in the Washington area and at the Commission is subject to delay due to heightened security precautions. Comments can be submitted electronically.

NOTE: The Commission issues an administrative complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. When the Commission issues a consent order on a final basis, it carries the force of law with respect to future actions. Each violation of such an order may result in a civil penalty of up to $16,000.

The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to antitrust{at}ftc{dot}gov, or write to the Office of Policy and Coordination, Bureau of Competition, Federal Trade Commission, 601 New Jersey Ave., N.W., Room 7117, Washington, DC 20001. To learn more about the Bureau of Competition, read Competition Counts. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.
Contact Information

MEDIA CONTACT:
Mitchell J. Katz
Office of Public Affairs
202-326-2161

STAFF CONTACT:
Jessica S. Drake
Bureau of Competition
202-326-3144

source: ftc.gov

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LPS in Robo-Signing Settlement Talks Said to Exceed $200 Million

LPS in Robo-Signing Settlement Talks Said to Exceed $200 Million

AND of course the Lap Dogs decline to comment I bet because it might hurt their sale to Fidelity…

Bloomberg-

Lender Processing Services Inc. (LPS) is in talks with regulators that could lead to a settlement of more than $200 million over improper and fraudulent foreclosure paperwork after the 2008 credit crisis, according to people briefed on the discussions.

The deal would resolve claims that LPS falsified documents related to home seizures, including through “robo-signing.” The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have discussed directing at least some of the money to homeowners, said two people who spoke on condition of anonymity because the matter is private.

LPS, a mortgage-processing firm whose biggest customers have been Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM), previously settled similar matters with the Justice Department and almost every U.S. state. The Jacksonville, Florida-based company is one of the few in a group accused of foreclosure misdeeds that hasn’t made a final deal with bank regulators.

[BLOOMBERG]

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Mortgage Bankers Association Names LPS Executive Bill Griffin to Board of Directors

Mortgage Bankers Association Names LPS Executive Bill Griffin to Board of Directors

DS NEWS

Bill Griffin, EVP at Lender Processing Services (LPS), has been elected to serve on the Mortgage Bankers Association’s (MBA) board of directors, the company announced.

Griffin joins a number of new board members who will work together with the existing members to set MBA’s strategic direction and oversee management of its initiatives. His appointment was first announced at the group’s 100th Annual Convention & Expo in late October.

[DS NEWS]

image: LPS

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LPS, Inc. Sets December 19 as Date of Special Stockholder Meeting to Vote on its acquisition by FNF, Inc.

LPS, Inc. Sets December 19 as Date of Special Stockholder Meeting to Vote on its acquisition by FNF, Inc.

PR-BG –

Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, services, data and analytics to the mortgage and real estate industries, today announced it has set a date for a special meeting of its stockholders to consider and vote on its acquisition by Fidelity National Financial, Inc. (NYSE: FNF) and certain other matters. The special meeting will be held on December 19, 2013, at 10:00 a.m. local time, at the Peninsular Auditorium at 601 Riverside Avenue, Jacksonville, Florida.

LPS stockholders of record as of the close of business on October 29, 2013 are entitled to vote at the special meeting. Additional information concerning the special meeting and the transaction is included in the definitive proxy statement relating to the special meeting, which has been filed with the Securities and Exchange Commission and will be mailed to LPS stockholders who are entitled to vote at the special meeting.

[PR-BG]

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Special Report: New Standards For Mortgage Signings developed by executives from major lenders and title companies (LSI/LPS/FNF/CITI/BofA)

Special Report: New Standards For Mortgage Signings developed by executives from major lenders and title companies (LSI/LPS/FNF/CITI/BofA)

What a freaking joke for the National Notary Association to even get involved with those who were involved in Robo-Signing and who couldn’t even follow simple standards that were already in place! This shares similarities to MERS and its shareholders.

.

A special committee called the Signing Professionals Workgroup (SPW) comprised of executives from major lenders and title companies, developed the Standards“.

 

 

 

NNA-

The collapse of the housing market and numerous other crises have caused the government to significantly increase its scrutiny of the mortgage industry. This challenging new environment is forcing lenders, title companies, signing services and others in the mortgage origination world to take a hard look at how business is done.

Of all the people involved in originating mortgages, Notary Signing Agents received little attention. That is changing. In order to comply with federal mandates, lenders now recognize that the tens of thousands of Signing Agents who represent them at the signing table need to be better qualified.

As a result, leading lenders and title companies gathered to create the first set of recommended best-practice standards for Notaries handling loan signings. These standards are called the Certified Signing Specialist Standards and form the basis of a new designation for signing professionals: the Certified Signing Specialist. That is a Notary who has met all of the elements of the standards.

[NATIONAL NOTARY ASSOCIATION]

© 2010-18 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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LPS Launches Error Resolution Tracking to Assist Mortgage Servicers With New CFPB Requirements

LPS Launches Error Resolution Tracking to Assist Mortgage Servicers With New CFPB Requirements

JACKSONVILLE, Fla., Oct. 28, 2013 /PRNewswire/ — Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, today announced the launch of its Error Resolution Tracking solution, an innovative workflow tool designed to assist mortgage servicers in meeting new Consumer Financial Protection Bureau (CFPB) requirements for recording, tracking and responding to consumer complaints regarding possible errors with their loans. LPS can quickly implement Error Resolution Tracking to help servicers meet the CFPB’s compliance deadline of Jan. 10, 2014.

(Logo:  http://photos.prnewswire.com/prnh/20120802/FL50731LOGO )

“With the CFPB’s deadline fast approaching, servicers are looking for solutions that can be implemented quickly to help them enhance compliance and control,” said Joe Nackashi, CIO and executive vice president of the LPS Servicing Solutions and Technology division. “Error Resolution Tracking delivers highly efficient capabilities for servicers to gain more control over processes, provide a timely response to their borrowers and be better prepared to respond to new CFPB regulatory requirements.”

Using servicer-defined parameters within the configurable settings in its logic and workflow, Error Resolution Tracking links incoming borrower correspondence with the loan number in LPS’ MSP® servicing platform and assigns the borrower inquiry to the appropriate work queue for immediate action. To help streamline servicer response time, the solution auto-generates an initial response to the borrower acknowledging receipt of their complaint, and also preserves an audit trail of all borrower correspondence received and sent. If the servicer determines more time is needed to respond to a borrower’s inquiry, the Error Resolution Tracking solution auto-generates an extension notification to the borrower.

While Error Resolution Tracking is integrated with MSP, the solution may be used by all servicers. Using sophisticated queuing technology, Error Resolution Tracking can help servicers reduce time-intensive manual data entry in off-line systems, improve response time to borrowers and increase accountability by providing proper controls around the error resolution tracking process.

© 2010-18 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Merrill Lynch, J.P. Morgan Securities Among Lenders in FNF Financing to acquire Lender Processing Services, Inc. (“LPS”)

Merrill Lynch, J.P. Morgan Securities Among Lenders in FNF Financing to acquire Lender Processing Services, Inc. (“LPS”)

ABL Advisor-

Fidelity National Financial, Inc., a leading provider of title insurance, mortgage services and diversified services, announced the completion of the amendment of its existing $800 million senior unsecured revolving credit facility (“credit facility”) and the amendment of its $1.1 billion delayed-draw term loan (“term loan”) and the signing of a commitment letter (“bridge commitment letter”) that provides for an up to $800 million short-term loan (“bridge loan”). The amendments of the credit facility and the term loan and the bridge commitment letter are all related to FNF’s previous announcement concerning the agreement (“merger agreement”) to acquire Lender Processing Services, Inc. (“LPS”).

Among other changes, the amendments to the credit facility and term loan permit FNF to incur the indebtedness in respect of the bridge loan and incorporate other technical changes to describe the structure of the LPS acquisition.

[ABL ADVISORS]

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CaseAware | LPS and KMC Information Systems Form Strategic Alliance

CaseAware | LPS and KMC Information Systems Form Strategic Alliance

LPS-

Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology, data and analytics to the mortgage and real estate industries, and KMC Information Systems (KMCIS), the leading provider of case management and integration technology to law firms and trustees, have formed a strategic alliance that will more fully integrate select LPS technologies with KMCIS’ CaseAware® platform and create an end-to-end foreclosure processing solution for loan servicers.

As part of its suite of industry solutions, LPS delivers technologies that support default servicing, including robust enterprise workflow solutions, title ordering applications, invoice management tools and other systems that help servicers, attorneys and trustees reduce expenses and increase operational efficiencies.

The CaseAware platform provides the law firms/trustees with a highly configurable case management system that allows them to rapidly adapt business processes (without programmer intervention) based on changes in regulations, client service level agreements (SLAs) or investor requirements.

The enhanced integration between LPS and CaseAware will offer improved process functionality for both the servicer and the law firm/trustee, and provide seamless connectivity from the servicer’s system into the more than 100 law firms/trustees utilizing CaseAware as their operating system of record.

[LPS]

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If you purchased or acquired the publicly traded common stock of LPS during the period from August 6, 2008 to and through October 4, 2010, you may be entitled to a payment from a class action settlement

If you purchased or acquired the publicly traded common stock of LPS during the period from August 6, 2008 to and through October 4, 2010, you may be entitled to a payment from a class action settlement

lender processing services securities settlement-

The purpose of this website is to inform you of (a) the pendency of this class action (the “Action”), (b) the proposed settlement of the Action, and (c) the hearing to be held by the Court to consider (i) whether the settlement should be approved, (ii) the application of lead plaintiff’s counsel for attorneys’ fees and expenses, and (iii) certain other matters (the “Settlement Hearing”). The Notice describes important rights you may have and what steps you must take if you wish to participate in the settlement or wish to be excluded from the Settlement Class.

If approved by the Court, the settlement will provide a $14 million cash settlement fund for the benefit of eligible investors (the “Settlement”).1

The Settlement resolves claims by Baltimore County Employees’ Retirement System (“Lead Plaintiff”) that the Defendants misled investors about the financial condition of LPS, avoids the costs and risks of continuing the litigation, pays money to investors like you, and releases the Defendants from liability.

If you are a member of the Settlement Class, your legal rights are affected whether you act or do not act.

The Court will review the Settlement at the Settlement Hearing to be held on October 25, 2013.

[lender processing services securities settlement]

© 2010-18 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD2 Comments

Albertelli Law Announces New Leadership Structure, Hires Former LPS and SPS Executives

Albertelli Law Announces New Leadership Structure, Hires Former LPS and SPS Executives

TAMPA, Fla., Sept. 13, 2013 /PRNewswire-iReach/ — Albertelli Law, a leader in full-service creditors’ rights representation in Florida and Georgia, today announced a new leadership structure and operational pivot designed to improve case resolution efficiency and maximize client value.

(Photo: http://photos.prnewswire.com/prnh/20130913/MN79323)

“Our firm’s structure has been redesigned with dedicated legal teams matched to our client’s functional teams. The result has been a client-centric operating philosophy where our firm’s focus matches our clients’ goals,” said Albertelli. “It builds on our strategic foundation of people and technology to provide the most efficient and effective case resolution strategies at maximum value for our clients.”

Leading this evolution at the firm as Chief Operating Officer and EVP of Firm Operations are industry veterans Scott Barnes and John Shelley respectively.

Scott Barnes, who most recently served as Senior Managing Director at Lender Processing Services (LPS), has more than 20 years of nationally recognized experience in default mortgage servicing, specifically in foreclosure, bankruptcy, and special asset services. During his time with LPS, Scott developed, implemented and managed the Default Solutions business. Prior to his tenure with LPS, he served as SVP of Operations for Fidelity National Foreclosure & Bankruptcy Solutions and was also employed with First Union National Bank as Vice President of Default Servicing.

John Shelley joins Albertelli Law with over 25 years of default servicing and mortgage origination experience. Shelley most recently served as the Vice President of Foreclosure at Select Portfolio Servicing (SPS). During his 14 year tenure with SPS, Shelley successfully managed multiple initiatives and aspects including foreclosure default operations, platform integrations, implementing client subservicing requirements and fulfillment of National Mortgage Settlement requirements.

“Scott and John have operationally transitioned our firm to be more responsive to our clients” said Albertelli. “Their first-hand experience building top performing servicing operations and tremendous industry insight have positioned us well to produce top performing results across our firm, ensuring stellar legal services for years to come.”

About Albertelli Law: Albertelli Law was founded in 1997 by James E. Albertelli and is a full-service creditor’s rights law firm representing institutional and private lenders in Florida and Georgia. Albertelli Law is proud to offer a diverse attorney team specializing in the areas of residential and commercial transactions, foreclosure, bankruptcy, complex litigation, loss mitigation, and the disposition of troubled assets (REO). Albertelli Law has a strong commitment to the community and development of the law as evidenced by its pro-bono endeavors, writing and research of issues of first impression, and development of political action in the area of legal professionalism. Furthermore, Albertelli Law’s commitment to technology and efficient case management provides the scalability and responsiveness necessary to provide unparalleled representation in an ever-changing legal landscape.

Media Contact: Adam Fitch, Albertelli Law, 858-754-9662, afitch@albertellilaw.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Albertelli Law

© 2010-18 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUD2 Comments

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