Bank of America Returning to Black Knight Servicing System (LPS)

Bank of America Stealing Homes

Bank of America Returning to Black Knight Servicing System (LPS)

Bank of America will move its mortgage servicing back onto Black Knight Financial Services’ LoanSphere MSP servicing system of record.

The Charlotte, N.C., bank signed an agreement with the Jacksonville, Fla., mortgage-technology company on June 3 to service first and second mortgages, according to a Black Knight regulatory disclosure filed Monday.

B of A used to service its mortgages with MSP when the system was managed by Black Knight’s predecessor, Lender Processing Services. But after acquiring Countrywide in 2008, the bank moved its roughly 4 million loans to Countrywide’s proprietary technology.

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One Response to “Bank of America Returning to Black Knight Servicing System (LPS)”
  1. Randall Stephens says:

    In 2006 famous robo-signer Dory Goebel worked for “Fidelity,” in the Mendota Heights, Minnesota office, and was head of the (cough) “Document Execution Team.” Goebel, and her lesser minions (totaling 18 associates), were cranking out 1000 documents a day (or 260,000 fraudulent documents a year). This was the model of “robo-signing” that went from “Fidelity,” to LPS, to DOCX.

    In 2008 “Fidelity” spun off, and created as a separate entity, Lender Processing Services (LPS). LPS continued fabricating sham and farcical false documents for a time, then farmed out its criminal activities to DOCX.

    Now, guess who used to own DOCX? Yep, LPS. And because LPS was owned by “Fidelity” prior to 2008 DOCX was also “under the Fidelity umbrella.”

    Ya might think I’m using overly harsh terms like “fraudulent,” and “criminal,” but I’m not.

    Dory Goebel has been found to be a liar in more than one court (false swearing), and sanctioned for same. The DOCX CEO prepared and filed more than 1 million fraudulent documents. LPS has purchased, for more than $160 million, non-prosecution agreements from state and federal Attorneys General (some folks think of these purchases as “settlements”).

    In November 2012 Lorraine Brown, CEO of DOCX, entered a guilty plea admitting her participation in a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage-related documents with property recorders’ offices throughout the United States.

    In February of 2013 LPS paid out $35 million in criminal penalties.

    In January of 2013 LPS reached a settlement agreement with 46 state AGs (including Florida AG Pam Bondi), and the District of Columbia, to pay $127 million to buy its way out of criminal prosecution.

    Meanwhile, “Fidelity,” through many of its nefarious subsidiaries, was making multiple, generous campaign contributions to state attorneys general, including … wait for it … Florida’s own Pam Bondi.

    Every time they were about to get caught “Fidelity” spun off another entity to take the fall and protect its $3 billion a year fraudulent paperwork kingdom. Now that the settlements, and non-prosecution agreements, are in place “Fidelity” is now reacquiring the very same entities that developed this criminal business model (“Fidelity” reacquired LPS in January 2014, and renamed it “Black Knight Financial Services”).

    The more things change the more they stay the same.

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