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Multi-Billion-Dollar Class Action Suits Filed Against Lender Processing Services for Illegal Fee Sharing, Document Fabrication; Prommis Solutions Also Targeted

By Implode-Explode Heavy Industries

"Lender Processing Services, a crucial player in the residential mortgage servicing arena, has been hit with two suits seeking national class action status (see here and here for the court filings). If the plaintiffs prevail, the disgorgement of fees by LPS could easily run into the billions of dollars (we have received a more precise estimate from plaintiffs? counsel). To give a sense of proportion, LPS?s 2009 revenues were $2.4 billion and its net income that year was $276 million."

Full post as published by Mortgage Lender Implode-o-Meter on October 05, 2010 (boomark / email).