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FULL DEPOSITION TRANSCRIPT OF CHRISTIAN S. HYMER 1ST VP OF OPERATIONS FOR LENDER PROCESSING SERVICES (LPS) MINNESOTA

FULL DEPOSITION TRANSCRIPT OF CHRISTIAN S. HYMER 1ST VP OF OPERATIONS FOR LENDER PROCESSING SERVICES (LPS) MINNESOTA


Courtesy of Legal Services of New Jersey

EXCERPT:

17 Q. Okay. And how is LPS paid? Are they paid by
18 the attorney? Are they paid by the servicer who’s
19 asked the attorney to perform that service?
20 A. It depends on the service. For many
21 services, they are — the model that we operate under
22 is a vendor supportive model, “vendor” meaning the
23 attorney office would pay for that service. There are
24 some support services that the servicer pays for
25 directly.

Page 22
1 Q. So in your scenario that you just gave me a
2 few minutes ago, a law firm drafts a document, and it’s
3 sent on to LPS to see whether or not it’s appropriate
4 for LPS to sign the document. The law firm then pays
5 LPS for that service? That’s considered a support
6 service?
7 A. That’s — that’s part of the — Yeah.
8 Correct. That would be one of the support services it
9 would provide, and part of what the fee they would pay
10 would include that activity.

11 Q. Okay. And are there also payments made for
12 using the software and the platform?
13 A. There are payments made. That’s part of the
14 technology agreement. There is a technology fee
15 assessed for each, we call it a referral, but it,
16 essentially, would be a legal action of some sort or an
17 action. It’s not always a legal action. But for every
18 referral type there is a fee, and that fee ranges
19 between $5 and $75, depending on the activity to be
20 performed and the technology in play or processes in
21 play to track it.

22 Q. Okay. So, for example, is LPS paid when a
23 servicer makes a referral to a law firm within the
24 network to do — perform some service?
25 A. Yes. LPS is paid upon referral.

Read full depo below…

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