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