Naked Capitalism | Lender Processing Services Behind More Record-Keeping Botches and Foreclosure Forgeries

Lender Processing Services Behind More Record-Keeping Botches and Foreclosure Forgeries

Lender Processing Services has played a singularly destructive role in the mortgage servicing industry. The firm not only offered document fabrication services through DocX, a company it acquired and was forced to shut down after the Department of Justice started sniffing about, but is being revealed to be involved in more abuses as far as borrower records and legal process are concerned. Readers may recall that it is also the target of two national class action suits on illegal legal fee sharing which if successful will produce multi-billion-dollar damages.

This abuses matter due to the role that LPS has come to play. It is the biggest player in default services, meaning it acts as the de facto selector and supervisor of foreclosure mills via its system, LPS Desktop, which manages and oversees the work of local law firms on behalf of its bank servicer clients. It also provides the servicing platform for more than half of the servicing industry. And as our two latest examples show, the company clearly places its profits over integrity of records and due process.

The first, per Abigail Field of Daily Finance, comes out of a affidavit by former LPS employee Adrian Lofton, who worked at its subsidiary Fidelity, the mortgage servicing platform that was acquired by LPS. Lofton describes an environment where cost cutting pressures led to widespread abuse of basic security protocols. Employees of his unit had the ability to access the mortgage records of borrowers and alter them; an important control was that each employee had his own login and password and was per corporate policy allowed only to utilize only his own account. Employees were grades and rewarded on speed and on not asking their bosses for help in resolving problems. This devolved into an out of control environment:

Be sure to check out the rest here…


4 Responses to “Naked Capitalism | Lender Processing Services Behind More Record-Keeping Botches and Foreclosure Forgeries”
  1. dRp says:

    Interesting job listings in Jacksonville for CHASE here’s one among many

    Foreclosure Sr. Operations Specialist / Jacksonville, Fl-110014494

    Required and Desired Qualifications:
    3-5 years experience with Default Mortgage Servicing.
    Knowledge of guarantor, insurer and investor identification.
    Knowledge of MSP/LPS servicing system.

  2. l vent says:

    Talks today between mortgage servicers and the banksters as if there is any differentiation between the two. HA, they are one in the same and are indeed insidious. They are also Fannie/Freddie, APRIL FOOLS A BIT EARLY. Anyways, Chase’s CEO one of the biggest pimps on the planet for the U.N./NEW WORLD ORDER did not attend the meeting TODAY but has already stated under no uncertain terms there will be NO principal write downs ON THE FRAUDULENTLY INDUCED MORTGAGES by J.P. MORGAN, the foreign bank posing as an American Bank. BLACK IS WHITE Time to blow the whistle loud and clear about who these BANKS REALLY ARE. They are FOREIGN MULTINATIONAL BANKS who are fully owned by the U.N./NEW WORLD ORDER. These FOREIGN MULTINATIONALS — USE treasonist Americans working inside of our own country and our own Government as the PERPS, and fully intend on continuing the FINANCIAL ROBBERY AND PILLAGE OF AMERICA AND THEFT OF OUR HOMES THEY DO NOT OWN. Their only intention is to BANKRUPT AMERICA VIA THE FEDERAL RESERVE BANK/WALL STREET WHICH IS ALSO OWNED BY THE REVIVED ROMAN EMPIRE and they fully intend to destroy our National Sovereignty and have the American people own nothing but DEBT. . RESCIND OUR LOANS. FRAUDCLOSURES ARE COMPLETELY UNCONSTITUTIONAL.

  3. l vent says:

    These loans were structured and restructured in such a way that they clearly never wanted us to own these homes. After the closing that is when they really went rampant with fraud from the origination to the fraudclosure. Non-recordation to hide the origination fraud, bundling good and bad loans, insuring them as AAA and lying about what they were selling to investors, investing in the frauds themselves, creating trillions of wealth on Wall Street off of speculations, various derivatives such as our ability to NOT PAY THE LOAN, they abslolutely knew they were creating a huge housing bubble by OVERSPECULATING THE VALUES of the homes, then the defaults began and burst the bubble, then they robbed the pension funds the 401k’s, and other investments and the trillions they “created” on Wall Street and stole it all and hid it in overseas bankster accounts and declared the country broke. They said the American people bought houses they couldn’t afford and spent too much money. They lied and blamed the victims of their PONZI SCHEME HEIST. The whole of the loan transactions were filled with fraud and it was an intentional set up to fail, defrauding millions of homeowners and then robbing the people of the equity in their homes when the bubble burst and then fraudclosing, collecting their credit default swap insurance from AIG, who got bailed out by U.S. tax-payers so they could pay the banks their faulty credit default swap insurance and then stealing our homes and buying the homes back for themselves for pennies on the dollar to sell when the market picks up or sell to FOREIGN INVESTORS for a song..They are simply no more than pimps and whores and behind the whole scheme was our own CONGRESS and THE GSE’s FANNIE MAE/FREDDIE MAC who made these entire loan transactions UNCONSTITUTIONAL and ILLEGAL by investing/holding an interest in our property and using the American People as pawns in their PONZI SCHEME HEIST. RESCIND OUR LOANS. GIVE THE STOLEN HOMES BACK TO THE PEOPLE.

  4. debi J says:

    Its about time! I’ve been looking into FNIS and FIS and LPS for over a year. Look @ the annual reports for these 3 and u will be so amazed by what’s really happening. Look at their business models. They are the same. Look at bantec and see where they buy everything. What about our corrupted county records everyone? They are behind the software for our very county recordings. How they are NOT all in jail is really the mystery here. How retarded is everyone. Finally a little “lime lite”. Check out where that leads u!!! Deb

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