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LPS finds new business from mortgage servicer crackdown

07/28/2011 10:49 AM | Anonymous

More mortgage servicers signed up to use Lender Processing Services (LPS: 18.78 -0.37%) technology to comply with new requirements from the recent regulatory consent orders.

Last year, foreclosure problems surfaced in courts across the country, leading to moratoriums, federal and state investigations. In April, the Federal Reserve, the Office of the Comptroller and the Currency and the Office of Thrift Supervision settled their investigations with 14 mortgage servicers.

LPS also was required to sign a consent order with the Fed for executing and recording "numerous affidavits, assignments of mortgages, and other mortgage-related documents that contained inaccurate information." LPS was forced to implement new oversight plans to manage its processes.

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