John Snow Joins LPS Board of Directors
JACKSONVILLE, Fla., March 12, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today announced the appointment of John Snow, Ph.D., former Secretary of the Treasury, to its board of directors.
"We are fortunate to have John as a member of the board," said Lee A. Kennedy, chairman of the LPS board. "John's experience in managing large regulated public companies and his expertise in the areas of regulation, public policy and risk management will enhance the board and the value we bring to the organization and its shareholders."
Dr. Snow has been president of JWS Associates, LLC, a consulting firm, since October 2006. As the Secretary of the Treasury from February 2003 to June 2006, Dr. Snow served as the head of President Bush's economic policy team and principal spokesman on economic policy. Prior to his appointment as Secretary of the Treasury, Dr. Snow served as the chairman, president and chief executive officer of CSX Corporation, which operates the largest rail network in the eastern United States and provides intermodal transportation, domestic container shipping and international marine terminal services. Dr. Snow has also previously served in several senior roles at the U.S. Department of Transportation and has served as chairman of the Business Roundtable, a group of chief executive officers of major U.S. corporations formed to promote pro-business public policy. In addition to serving as non-executive chairman of Cerberus Capital Management LP, Dr. Snow also serves on the boards of directors of International Consolidated Airlines Group and Marathon Petroleum Corporation.
Dr. Snow has been appointed to serve on the Risk and Compliance Committee of LPS' board of directors.
About Lender Processing Services
Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, the industry's leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries.
LPS is headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. The company is ranked on the Fortune 1000 as the 877th largest American company in 2012. For more information, please visit www.LPSVCS.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical facts, including statements about our beliefs and expectations. Forward-looking statements are based on management's beliefs, as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: our ability to adapt our services to changes in technology or the marketplace; the impact of adverse changes in the level of real estate activity (including among others, loan originations and foreclosures) on demand for certain of our services; our ability to maintain and grow our relationships with our customers; the effects of our substantial leverage on our ability to make acquisitions and invest in our business; the level of scrutiny being placed on participants in the foreclosure process; risks associated with federal and state enforcement proceedings, inquiries and examinations currently underway or that may be commenced in the future with respect to our default management operations, and with civil litigation related to these matters; the impact of continued delays in the foreclosure process on the timing and collectability of our fees for certain of our services; changes to the laws, rules and regulations that regulate our businesses as a result of the current economic and financial environment; changes in general economic, business and political conditions, including changes in the financial markets; the impact of any potential defects, development delays, installation difficulties or system failures on our business and reputation; risks associated with protecting information security and privacy; and other risks and uncertainties detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE Lender Processing Services, Inc.