VIDEO: What does LENDER PROCESSING SERVICES (LPS) exactly do: LPS CEO JEFF CARBIENER

Date of Video: 7/2/2008

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Florida AG investigating LPS subsidiary: Jacksonville Business Journal

Monday, May 17, 2010, 1:50pm EDT  |  Modified: Monday, May 17, 2010, 1:51pm

Jacksonville Business Journal – by Christian Conte Staff Writer

The Florida Attorney General’s Office has launched a civil investigation similar to one launched by a Florida U.S. Attorney’s Office against Fidelity National Financial Inc. and Lender Processing Services Inc., along with an LPS subsidiary, relating to possible forged documents in foreclosure cases.

According to the Attorney General’s website, DOCX LLC, based in Alpharetta, Ga., “seems to be creating and manufacturing ‘bogus assignments’ of mortgage in order that foreclosures may go through more quickly and efficiently. These documents appear to be forged, incorrectly and illegally executed, false and misleading. These documents are used in court cases as ‘real’ documents of assignment and presented to the court as so, when it actually appears that they are fabricated in order to meet the documentation to foreclosure according to law.”

The Attorney General’s Economic Crimes Division in Fort Lauderdale is handling the case.

Fidelity National Financial (NYSE: FNF), based in Jacksonville, provides title insurance, specialty insurance, claims management services and information services. Lender Processing Services (NYSE: LPS), also based in Jacksonville, provides mortgage processing services, settlement services, mortgage performance analytics and default solutions.

Fidelity National acquired DOCX, which processes and files lien releases and mortgage assignments for lenders, in 2005.

The U.S. Attorney’s office launched its investigation of DOCX in February.

LPS stated in its 2009 annual report that there was a “business process that caused an error in the notarization” of mortgage documents, some in the foreclosure proceedings in “various jurisdictions around the country,” according to a filing with the U.S. Securities and Exchange Commission.

While the company said it fixed the problem, the annual report stated it spurred an inquiry by the Clerk of Superior Court in Fulton County, Ga., and most recently, LPS was notified by the U.S. Attorney’s Office for the Middle District of Florida, based in Tampa, that it is also investigating the “business processes” of DOCX.

cconte@bizjournals.com | 265-2227
Read more: Florida AG investigating LPS subsidiary – Jacksonville Business Journal:

RELATED STORY: MISSION: VOID LENDER PROCESSING SERVICES “ASSIGNMENTS”

First American sues 8 rivals over AVMs: LENDER PROCESSING SERVICES (LPS)

Things that make you go Hmmm…

Patent infringement lawsuit seeks damages from Zillow, LPS, others

BY MATT CARTER, TUESDAY, MAY 4, 2010.

Inman News

First American CoreLogic Inc. has filed a lawsuit against eight companies, including Zillow Inc. and Lender Processing Services Inc., claiming the companies’ automated property valuation services infringe on a 1994 patent.

In its complaint, CoreLogic seeks an injunction against the companies to prohibit them from using or selling any products that fall within the scope of the patent, and for triple damages to “compensate CoreLogic for its profits lost.”

None of the companies named in the April 16 lawsuit have filed formal a response to the complaint, and none would comment to Inman News.

The companies named in the lawsuit provide automated valuation model (AVM) services to businesses or consumers — computer-generated property value estimates that typically rely on a property’s unique characteristics, public property records and other market statistics.

A spokeswoman for Zillow — a site that became one of the Internet’s most popular real estate portals by offering instant, free property “Zestimates” to consumers — said the company was aware of the lawsuit, and “has no plans to change any aspect of our business as a result of this complaint.”

LPS — a technology and data provider for the National Association of Realtors’ Realtor Property Resource database — said the company does not comment on pending litigation, but “does intend to continue providing AVM services.”

NAR’s RPR LLC subsidiary intends to generate revenue by incorporating active and sold listings data into automated property valuations that the company hopes will become a standard for the lending industry, government agencies and others (see story).

Other companies named in the lawsuit include: Fiserv Inc., Intellireal LLC, Interthinx Inc., Precision Appraisal Services Inc., Real Data Inc. and RealEC Technologies Inc.

Patent lawsuits can sometimes take years to resolve, as defendants may be able to demonstrate that a patent was issued for an idea that was not new, or that a patent claim was overly broad or vauge.

In its lawsuit, CoreLogic claims the rights to U.S. Patent 5,361,201, issued Nov. 1, 1994, for an “automated real estate appraisal system” and assigned by its inventors to HNC Inc

Summarizing the system in their patent application, inventors Allen Jost, Jennifer Nelson, Krishna Gopinathan and Craig Smith described how predictive models could generate estimated property values based on individual property characteristics and neighborhood or area characteristics.

Through a trial and error process, they said, the models could be fed “training data” in order to “learn” the relationships between individual property characteristics and area characteristics.

In the learning stage, the model’s predicted property values are compared to actual sales, and the weights assigned to different variables repeatedly adjusted to achieve the greatest degree of accuracy.

Although the process was similar in concept to established regression analysis techniques, the inventors said the application would also employ “neural networks” to automatically detect relationships between variables that would otherwise need to be detected and inputted manually by programmers.

Neural networks, they said, would allow rapid development of models and automated data analysis — a vital capability if the goal is to value properties in thousands of neighborhoods or areas, each requiring its own model.

Once the models had been developed, the inventors said, they could also be programmed to monitor their own performance and adjust their assumptions when performance dropped below a predetermined level.

In addition to an estimated property value, the models would be able to compute the predicted margin of error, allowing for a value range to be generated for each property — a common feature of AVMs offered to consumers.

The patent application described the algorithms and dozens of variables that could be used to generate valuations, and included source code written in ANSI C and Microsoft Excel macro.

The patent was assigned to Transamerica Intellitech Inc. in August 2000, and then to First American Real Estate Solutions, now part of CoreLogic.

First American is spinning off its information solutions group into a separate, publicly traded company, to be known as “CoreLogic.”

***

Lender Processing Services (LPS): “Many of these people are gaming the system”

Dear Mr. Jadlos,

Exactly who is gaming what sir? Please see this post and lets call it BULLSHIT! 

Foreclosure Backlog Helps Troubled Borrowers

21 April 2010 @ 03:03 pm EDT

An estimated 1.4 million borrowers have failed to pay their mortgages in more than a year, but continue to live in the properties, according to Lender Processing Services, which tracks mortgages on 40 million homes.

Under the new government regulations, it takes banks 14 months to evict nonpaying borrowers – longer in some states. “Many of these people are gaming the system,” said Ted Jadlos, a managing director at Lender Processing.

Also, banks aren’t in a hurry because once they take possession of a property they must write down its value to reflect market price. Plus, unoccupied homes are more likely to fall into disrepair or be vandalized.

Some analysts predict that this shadow inventory will cause prices to slide further, but so far it’s not happening.

Reprinted from REALTOR® Magazine Online with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright

MISSION: VOID Lender Processing Services “Assignments” (LPS)

Before the great article AMIR EFRATI and CARRICK MOLLENKAMP wrote in The Wall Street Journal called U.S. Probes Foreclosure-Data Provider:Lender Processing Services Unit Draws Inquiry Over the Steps That Led to Faulty Bank Paperwork and then my post LENDER PROCESSING SERVICES (LPS) Hits Local NEWS!, many recall the BOGUS ASSIGNMENTS 2…I’m LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT! &  BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY! posts. 

Lynn Szymoniak, ESQ. of Fraud Digest precise skills unraveling this massive scheme has placed spot lights and raised many eyebrows on Foreclosure Mill’s strategies and what they are fabricating with the help of LPS on the courts. One can read EXTRA! EXTRA! Read All about the misconduct of Lender Processing Services f/k/a FIDELITY a/k/a LPS and Fidelity’s LPS Secret Deals With Mortgage Companies and Law Firms to witness some cases of alleging fraud.

Lynn recently wrote an Open Letter to Honorable Judges in Foreclosure and Bankruptcy Proceedings.

Lender Processing Inc. is the TIP of The Pyramid; please click the link to see their admission to this whole scheme of fraud in question. As it turns out Big Brother has been watching! Anyone want shares NOW?? Goldman had met with LPS on 2/23 in a GS’s Tecnology and Internet Confrence Presentation. In turn of events following the Wall Street Journal story and amongst many other media articles displaying LPS’s on-going investigations, Brian Chip’s article on SmarTrend identified a Downtrend for Lender Processing Services (NYSE: LPS) on March 31, 2010 at $38.26 stating “In approximately 2 weeks, Lender Processing Services has returned 3.3% as of today’s recent price of $36.99. Lender Processing Services is currently below its 50-day moving average of $38.94 and below its 200-day moving average of $37.98. Look for these moving averages to decline to confirm the company’s downward momentum”. Then two days later LPS (NYSE: LPS) climbed 1.16% to $37.42 after Goldman Sachs upgraded the company’s share from Neutral to Buy with an one year price target of $48. How lucky right? So I guess GS has every right to upgrade LPS since their last meeting with them on possible involvement. But the world is now well aware of GS’s shenanigans thanks to LOUISE STORY and GRETCHEN MORGENSON’s article in the New York Times U.S. Accuses Goldman Sachs of Fraud: THE NEW YORK TIMES, According to the complaint, Goldman created Abacus 2007-AC1 in February 2007, at the request of John A. Paulson, a prominent hedge fund manager who earned an estimated $3.7 billion in 2007 by correctly wagering that the housing bubble would burst. Should we put any vailidity into their ratings or upgrades? NOT!

The good thing that came along the 10’s of thousands of visits within the last month, this blog has been used in several court houses.

CHEER UP, ONWARD!

Joining efforts along with 4closurefraud’s beautifully WRITTEN IN WEASEL, SO GET OUT YOUR DICTIONARY OF WEASELEASE – FNF, FIS, DOCX, LPS  and ForeclosureHamlet’s amazing article Stopping A Defective Title Wave With A Coupla Outstretched Helping Hands. They have knocked on doors, got media attention and ran with Homeowners and Attorneys Meet in Tallahassee To Celebrate Homeowner Rights And The Rule of Law with the help of attorney’s Matthew Weidner, Thomas Ice and others!

Today I am happy to say progress is in the making!

Please pass out the samples of these video’s below…

We are being heard LOUD & CLEAR!

Actual Court Filings throughout the nation of BOGUS Filings Below!

 



 

STOP THESE UNLAWFUL FORECLOSURES FROM CONTINUING ASAP.

SEND THIS TO EVERYONE YOU KNOW!

DON’T QUIT!

Small Foreclosure Firm’s Big Bucks: Back Office Grossed $260M in 2009: ABAJOURNAL

Posted Apr 20, 2010 11:59 AM CDT
By Martha Neil

The Law Offices of David J. Stern has only about 15 attorneys, according to legal directories.

However, it’s the biggest filer of mortgage foreclosure suits in Florida, reports the Tampa Tribune. Aided by a back office that dwarfs the law firm, with a staff of nearly 1,000, the Miami area firm files some 5,800 foreclosure actions monthly.

The back-office operation, DJSP Enterprises, is publicly traded and hence must file financial reports with the Securities and Exchange Commission. It netted almost $45 million in 2009 on a little over $260 million in gross revenue that year. The mortgage meltdown of recent years apparently has been good to the company: In 2006, it earned a profit of $8.6 million on $40.4 million in revenue.

Stern, who is the company’s chairman and chief executive officer, could not be reached for comment, the newspaper says.

His law firm has been in the news lately, after one Florida judge dismissed a foreclosure case due to what he described as a “fraudulently backdated” mortgage document, and another said, in a hearing earlier this month concerning another of the Stern firm’s foreclosure cases, “I don’t have any confidence that any of the documents the court’s receiving on these mass foreclosures are valid.”

Earlier coverage:

ABAJournal.com: “Judge Dismisses Mortgage Foreclosure Over ‘Fraudulently Backdated’ Doc”

WTF!!! DJSP Enterprises, Inc. Announces Agreement to Acquire Timios, Inc., Expand Presence Into 38 States

DJSP Enterprises, Inc. Announces Agreement to Acquire Timios, Inc., Expand Presence Into 38 States

Adds Established National Title Insurance Agency with Multiple Locations Across the US for Expansion of Cyclical Products and Services to the Real Estate and Mortgage Industries

By DJSP Enterprises, Inc.

PLANTATION, Fla., April 19 — /PRNewswire-FirstCall/ — DJSP Enterprises, Inc. (Nasdaq: DJSP, DJSPW, DJSPU), one of the largest providers of processing services for the mortgage and real estate industries in the United States, today announced it has signed a definitive agreement to acquire Timios, Inc., a national title insurance and settlement services company. Timios is a licensed title insurance and escrow agent operating in 38 States. Headquartered in Westlake Village, CA, with additional offices in Houston and Plano, Texas, Timios will provide DJSP Enterprises the capability to provide its customers a balanced portfolio of services including new loan origination, refinance and national REO closing and title.  Additionally, Timios handles national loss mitigation services and pre-foreclosure title products from its multiple locations strategically placed for time-zone sensitive fulfillment.

Management expects that Timios, which uses advanced technology to produce a paperless environment, will aid DJSP Enterprises in its commitment to provide its customers with enhanced customer service in all lines of its business as it expands nationally. Timios presently services purchase money, refinance, reverse mortgage, REO and Deed-In-Lieu transactions for some of the largest lenders and servicers nationwide.  Last year, Timios closed in excess of $500 million in residential real estate mortgage transactions, and as forecasted, is expected to more than double the volume in 2010.  In addition, Timios has the capability to complete title searches for DJSP Enterprises’ growing REO liquidation business and loss mitigation business outside of Florida.

DJSP Enterprises will maintain Timios’ three offices while consolidating operations and back-office functions to streamline and reduce expenses.

David J. Stern, Chairman and Chief Executive Officer of DJSP Enterprises commented, “This acquisition significantly expands our capacity to effectively handle national services for our current client base.  In addition it will support our cyclical expansion into other lines of the mortgage services business. In particular, our capacity to process national REO closings, refinance transactions, short-sale transactions, Deed in Lieu transactions, property reports, resale transactions, and multiple valuation products will be meaningfully expanded. Timios provides licenses for full settlement services in 38 states and we expect to obtain licenses in at least two additional states before the end of this year.

This acquisition further demonstrates our commitment to becoming the leading cyclical provider of products and services to the real estate and mortgage industries.”

“This transaction represents a great marriage of strengths and assets,” said Trevor Stoffer, president and CEO of Timios, Inc. “Our management teams could not ignore the obvious benefits to both organizations. DJSP Enterprises’ growth in the foreclosure space and our best in class technology and servicing of originations will create a very balanced portfolio. In addition, the financial support from DJSP Enterprises will allow Timios to grow from a boutique services company to a major player in settlement services with a complete offering for lenders.”

DJSP Enterprises will acquire Timios for $1.5 million in cash, 200,000 ordinary shares of DJSP Enterprises, and up to 100,000 ordinary shares of DJSP Enterprises to be earned upon achievement of defined performance metrics. Timios had revenue of $5.05 million for the last 12 months and DJSP Enterprises expects this acquisition to be accretive to earnings by the 3rd Quarter 2010.

The closing of the acquisition is subject to customary due diligence, closing conditions and regulatory approvals.

About DJSP Enterprises, Inc.

DJSP Enterprises is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company’s principal customer is the Law Offices of David J. Stern, P.A. whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years. The Company has approximately 1,000 employees and contractors and is headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. The Company’s U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for the U.S. operation.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about DJSP Enterprises, Inc. and Timios, Inc. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions; changing interpretations of generally accepted accounting principles; outcomes of government or other regulatory reviews, particularly those relating to the regulation of the practice of law; the impact of inquiries, investigations, litigation or other legal proceedings involving the Company or its affiliates, which, because of the nature of the Company’s business, have happened in the past to the Company and the Law Offices of David J. Stern, P.A.; the impact and cost of continued compliance with government or state bar regulations or requirements; legislation or other changes in the regulatory environment, particularly those impacting the mortgage default industry; unexpected changes adversely affecting the businesses in which the Company is engaged; fluctuations in customer demand; the Company’s ability to manage rapid growth; intensity of competition from other providers in the industry; general economic conditions, including improvements in the economic environment that slows or reverses the growth in the number of mortgage defaults, particularly in the State of Florida; the ability to efficiently expand its operations to other states or to provide services not currently provided by the Company; the impact and cost of complying with applicable SEC rules and regulation, many of which the Company will have to comply with for the first time after the closing of the business combination; geopolitical events and changes, as well as other relevant risks detailed in the Company’s filings with the U.S. Securities and Exchange Commission, (the “SEC”), including its report on Form 20-F for the period ended December 31, 2009, in particular, those listed under “Item 3. Key Information – Risk Factors.” The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.

   
Company Contact:  
David J. Stern  
Chairman and CEO  
DJSP Enterprises, Inc.  
Phone: 954-233-8000, ext. 1113  
Email: dstern@dstern.com  
   
or  
   
Kumar Gursahaney  
Executive Vice President and CFO  
DJSP Enterprises, Inc.  
Phone: 954-233-8000, ext. 2024  
Email: kgursahaney@dstern.com  
   
Investor Contact:  
Hayden IR  
Cameron Donahue  
Phone: 651-653-1854  
Email: cameron@haydenir.com  
   
 

SOURCE DJSP Enterprises, Inc.

Read more: http://www.miamiherald.com/2010/04/19/v-fullstory/1586456/djsp-enterprises-inc-announces.html#ixzz0lbZw1okr