Who will make it Strike 3? To Be Announced
For some time, I have been exposing the fraud that is the Lender Processing Services (and mortgage servicers in general) business model. I have discussed how it is so revered by the mortgage servicing community because it will do anything, legal or illegal, to help a mortgage servicer foreclose your home.
It’s one thing when a small-time litigator from Jacksonville, Florida makes accusations (that’s me), and then it is another thing when 60 Minutes does it. It’s something even more when the federal regulators recognize LPS’s shenanigans, but when a federal judge confirms everything I (and many other lawyers) have been saying for years about LPS, you know LPS is in trouble.
Who is LPS? LPS (formerly known as Fidelity National Default Solutions) is a default servicer for one out of every two mortgages in this country. It lurks in the shadows of the mortgage industry like a hit-man for the mob, and when LPS whacks you, you never see it coming.