Lender Processing Services, Inc. – FORM 10-K – EX-21.1
10-K – FORM 10-K – Lender Processing Services, Inc.
Except as otherwise indicated or unless the context otherwise requires, all references to “LPS,” “we,” the “Company,” or the “registrant” are to Lender Processing Services, Inc., a Delaware corporation that was incorporated in December 2007 as a wholly-owned subsidiary of FIS, and its subsidiaries; all references to “FIS,” the “former parent,” or the “holding company” are to Fidelity National Information Services, Inc., a Georgia corporation formerly known as Certegy Inc., and its subsidiaries, that owned all of LPS’s shares until July 2, 2008; all references to “former FIS” are to Fidelity National Information Services, Inc., a Delaware corporation, and its subsidiaries, prior to the merger of Certegy, Inc. and former FIS; all references to “old FNF” are to Fidelity National Financial, Inc., a Delaware corporation that owned a majority of former FIS’s shares through November 9, 2006; and all references to “FNF” are to Fidelity National Financial, Inc. (formerly known as Fidelity National Title Group, Inc.), formerly a subsidiary of old FNF but now a stand-alone company.
Default management services. In addition to loan facilitation services, our Loan Transaction Services segment offers default management services. These services allow our customers to efficiently manage the business processes necessary to take a loan and the underlying real estate securing the loan through the default and foreclosure process. We offer a full spectrum of services relating to the management of defaulted loans, from initial property inspection through the eventual disposition of our customer’s asset.
- Foreclosure services. As our lender and servicing customers proceed toward the foreclosure of properties securing defaulted loans, we provide services that facilitate completing the foreclosure process. For example, we offer lenders, servicers and attorneys certain administrative and support services in connection with managing foreclosures. We also offer comprehensive posting and publication of foreclosure and auction notices, and conduct mandatory title searches, in each case as necessary to meet state statutory requirements for foreclosure. We also provide due diligence and research services and various other title services in connection with the foreclosure process.
- Property inspection and preservation services. At the onset of a loan default, our services are designed to assess and preserve the value of the property securing the loan. For example, through a nationwide network of independent inspectors, we provide inspection services, including daily reports on vacant properties, occupancy inspections and disaster and insurance inspections. We also offer a national network of independent contractors to perform property preservation and maintenance services, such as lock changes, window replacement, lawn service and debris removal.
- Asset management, default title and settlement services. After a property has been foreclosed, we provide services that aid our customers in managing their real estate owned, or REO, properties, including title services and property preservation field services. We also offer a variety of title and settlement services relating to the lender’s ownership and eventual sale of REO properties. Finally, we offer nationwide advisory and management services, as well as a comprehensive REO auction solution, to facilitate a lender’s REO sales.
Legal Proceedings
Litigation
In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our operations, some of which include claims for punitive or exemplary damages. Often, these matters do not include a specific statement as to the dollar amount of damages demanded. Instead, they include a demand in an amount to be proved at trial. For these reasons, it is often not possible to make a meaningful estimate of the amount or range of loss that could result from these matters. Accordingly, we review matters on an ongoing basis and follow the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 450, Contingencies, when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, we base our decision on our assessment of the ultimate outcome following all appeals. We intend to vigorously defend all litigation matters that are brought against us, and we do not believe that the ultimate disposition of any of these lawsuits will have a material adverse impact on our financial position or results of operations. Finally, we believe that no actions, other than the matter listed below, depart from customary litigation incidental to our business.
Schneider, Kenneth, et al. vs. Lender Processing Services, Inc., et al.
On February 17, 2010 this putative class action complaint was filed in the United States District Court for the Southern District of Florida. In a single count complaint, the plaintiffs seek to recover unspecified damages for alleged violations of the Fair Debt Collection Practices Act relating to the preparation and use of assignments of mortgage in foreclosure actions. The defendants include two large banks, as well as LPS and our document solutions subsidiary. The complaint essentially alleges that the “industry practice” of creating assignments of mortgages after the actual date on which a loan was transferred from one beneficial owner to another is unlawful. The complaint also challenges the authority of individuals employed by our document solutions subsidiary to execute such assignments as officers of various banks and mortgage companies. Although we do not believe that our conduct falls under the provisions of the Fair Debt Collection Practices Act, at this early stage we are unable to accurately predict the outcome of this matter.
Regulatory Matters
Due to the heavily regulated nature of the mortgage industry, from time to time we receive inquiries and requests for information from various state and federal regulatory agencies, including state insurance departments, attorneys general and other agencies, about various matters relating to our business. These inquiries take various forms, including informal or formal requests, reviews, investigations and subpoenas. We attempt to cooperate with all such inquiries. Recently, during an internal review of the business processes used by our document solutions subsidiary, we identified a business process that caused an error in the notarization of certain documents, some of which were used in foreclosure proceedings in various jurisdictions around the country. The services performed by this subsidiary were offered to a limited number of customers, were unrelated to our core default management services and were immaterial to our financial results. We immediately corrected the business process and began to take remedial actions necessary to cure the defect in an effort to minimize the impact of the error. We subsequently received an inquiry relating to this matter from the Clerk of Court of Fulton County, Georgia, which is the regulatory body responsible for licensing the notaries used by our document solutions subsidiary. In response, we met with the Clerk of Court, along with members of her staff, and reported on our identification of the error and the status of the corrective actions that were underway. We have since completed our remediation efforts with respect to the affected documents.
Most recently, we have learned that the U.S. Attorney’s office for the Middle District of Florida is reviewing the business processes of this subsidiary. We have expressed our willingness to fully cooperate with the U.S. Attorney.
We continue to believe that we have taken necessary remedial action with respect to this matter.
4closureFraud
1-561-880-LIES
www.4closurefraud.org
And for those of you who like to play connect the dots, here is their Subsidiary list…
EX-23.1 – EX-23.1 – Lender Processing Services, Inc.
Lender Processing Services, Inc.
Subsidiary List
Jurisdiction of | ||||
Name and d/b/a Names | Incorporation/Organization | |||
A.S.A.P. Legal Publication Services, Inc.
|
California | |||
Aptitude Solutions, Inc
|
Florida | |||
Arizona Sales and Posting, Inc.
|
Arizona | |||
CyberHomes, LLC
|
Delaware | |||
DOCX, LLC
|
Georgia | |||
DPN, LLC
|
Nevada | |||
Espiel, Inc.
|
Delaware | |||
Applied
Financial Technology (1) |
||||
FIS Applied Analytics (1)
|
||||
LPS Applied Analytics (1)
|
||||
Fidelity National Loan Portfolio Services, Inc.
|
California | |||
Financial Systems Integrators, Inc.
|
Delaware | |||
FNIS Flood Group, LLC
|
Delaware | |||
FNIS Flood of California, LLC
|
Delaware | |||
FNIS Intellectual Property Holdings, Inc.
|
Delaware | |||
FNIS Services, Inc.
|
Delaware | |||
FNRES Insurance Services LLC
|
Delaware | |||
FNRES License Holdings Inc.
|
Delaware | |||
Geotrac,
Inc.Texas Geotrac, Inc. (1) |
Delaware | |||
Go Apply, LLC
|
Nevada |
1
Jurisdiction of | ||||
Name and d/b/a Names | Incorporation/Organization | |||
GO Holdings, Inc.
|
Delaware | |||
I-Net Reinsurance Ltd.
|
Turks and Caicos Islands | |||
Lender Processing Services, LLC
|
Delaware | |||
Lender’s Service Title Agency, Inc.
|
Ohio | |||
LPS Agency Sales and Posting, Inc.
|
California | |||
LPS Asset Management Solutions, Inc.
|
Colorado | |||
Provident Realty (1)
|
||||
LPS Auction Solutions, LLC
|
Delaware | |||
LPS Capital Markets, LLC
|
Delaware | |||
LPS Default Solutions, Inc.
|
Delaware | |||
LPS Field Services, Inc.
|
Delaware | |||
LPS IP Holding Company, LLC
|
Delaware | |||
LPS Management, LLC
|
Delaware | |||
LPS Mortgage Processing Solutions, Inc.
|
Delaware | |||
LPS National Flood, LP
|
Delaware | |||
LPS Portfolio Solutions, LLC
|
Delaware | |||
LPS Property Tax Solutions, Inc.
|
California | |||
National Data Technologies (1)
|
||||
National TaxNet (1)
|
||||
LPS Real Estate Data Solutions, Inc.
|
California | |||
LPS Real Estate Group, Inc.
|
Delaware | |||
LPS Valuation Solutions, LLC
|
California | |||
LPS Verification Bureau, Inc.
|
Florida | |||
LRT Record Services, Inc.
|
Texas |
2
Jurisdiction of | ||||
Name and d/b/a Names | Incorporation/Organization | |||
LSI Alabama, LLC
|
Alabama | |||
LSI Appraisal, LLC
|
Delaware | |||
LSI Maryland, Inc.
|
Maryland | |||
LSI Title Agency, Inc.
|
Illinois | |||
LSI
Agency, Inc. (1) |
||||
LSI Title Company
|
California | |||
LSI Title Company of Oregon, LLC
|
Oregon | |||
LSI Title Insurance Agency of Utah, Inc.
|
Utah | |||
LSI Title Insurance Agency of Wyoming, LLC
|
Wyoming | |||
McDash Analytics, LLC
|
Colorado | |||
NationalSource Appraisal Services, LLC
|
Delaware | |||
NationalSource Settlement Services, LLC
|
Delaware | |||
National Title Insurance of New York Inc.
|
New York | |||
NewInvoice, L.L.C.
|
Georgia | |||
OnePointCity, LLC
|
Ohio | |||
RealEC Data Exchange, LLC
|
Delaware | |||
RealEC Technologies, Inc.
|
Delaware | |||
RealInfo, L.L.C.
|
Illinois | |||
SoftPro, LLC
|
Delaware | |||
LPS
Softpro, LLC (1) |
Registered d/b/a.
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[…] No referring link 4closurefraud.org/2010/02/25/lender-processing-services-inc-form-10-k-ex-21-1-february-23-2010-legal… […]
[…] […]
[…] LINK – Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal … […]
[…] The Wall Street Journal last month reported that Docx is under criminal investigation by federal prosecutors in Florida, which Lender Processing Service first disclosed in an annual report. […]
[…] prepared by employees of Lender Processing Services since this company has already admitted in its Annual Statement with the SEC that investigations, internal and otherwise, revealed problems with the documents that were so […]
Send your LPS/MERS Fraudulent Assignments to:
United States Attorney’s office, Middle District of Florida.
400 N. Tampa Street, Suite 3200
Tampa, FL 33602
Phone: (813) 274-6000
[…] Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal Proceedings […]
[…] Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal Proceedings […]
[…] individuals have come forward, whispering to us colleagues with tales of the inner workings and “business practices” of document creation “mills” which may or may not be operating under the direction of […]
[…] Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal Proceedings […]
Two ongoing investigations need your help!
Researchers at Fraud Digest call for emailed assignments of mortgage signed by certain individuals. Knowledge = Power! http://ning.it/9eistk
Matt Weidner, Esq. Another call to action! “GET ME BOGUS ASSIGNMENTS AND AFFIDAVITS” http://ning.it/9SDiWW
ForeclosureHamlet.org
[…] individuals have come forward, whispering to us colleagues with tales of the inner workings and “business practices” of document creation “mills” which may or may not be operating under the direction of […]
[…] individuals have come forward, whispering to us colleagues with tales of the inner workings and “business practices” of document creation “mills” which may or may not be operating under the direction of […]
[…] I wonder if Mayor John Peyton and the JEDC know about Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Filing […]
[…] Florida, the parent-company of Docx, Alpharetta, GA, admitted to certain wrong-doings in their 10-K filed in late February, 2010. Docx admitted that their own clerical level employees signed mortgage documents pretending to be […]
I have evidence of a major foreclosure-mill submitting FORGED documents to the Maryland Land Records & the Courts – committing FRAUD Upon the Court… Forensic Handwriting Expert documented there are at least FOUR different people signing the lawyer’s name AND at least TWO different people signing for the Notary.
The JUDGE KNOWS it – when we busted the law firm they withdrew their foreclosure BUT THEY ARE STILL DOING FORECLOSURES in our state and other states. They foreclosed on over 8000 families last yr in Maryland alone! Over 6000 in Virginia. This is NOT a joke nor exaggeration. They continue to ILLEGALLY foreclose on families EVERYDAY…
I have the evidence – including the the PSA and other documents also proving other frauds and breaches of contracts… IS THEIR ANY LAW FIRMS LEFT with any INTEGRITY…?
HELP US SHUT THESE PEOPLE DOWN… I will gladly send the docs electronic format as proof…
David please call me on 540-687-0004.
Hi David, I don’t know how this blogging works. this is Annette in Florida I have been in active foreclosure since 2008, I’m just reading your post June 19, 2013. I have the same proof as you do. I have presented the same to the court. The judge is in the lenders pocket. Any suggestions Annette In Florida
[…] Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal Proceedings […]
Question: Does anyone know under what authority LPS accesses IRS and SSA files to verify information, as claimed in their 10K?
[…] Lender Processing Services, Inc. – FORM 10-K – EX-21.1 – February 23, 2010 Legal Proceedings […]
LPS, (FIS, et al,) disclosed an “error” in “certain documents” regarding foreclosure documentation… (So were ALL of them, 100,000’s or millions of documents, “fraudulent/forged” assignments over how many years?) This will be interesting. If you and I forged an official government document such as a mortgage assignment, wouldn’t we go to prison?
This unfolding story rates a bag of popcorn and a coke…