Lender Processing Services and Justice Department Announce Non-Prosecution Agreement
JACKSONVILLE, Fla., Feb. 15, 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 that it has entered into a Non-Prosecution Agreement with the U.S. Department of Justice that resolves inquiries made by the U.S. Attorney's office for the Middle District of Florida.
The settlement agreement includes a payment by LPS of $20 million to the United States Marshals Service and $15 million to the United States Treasury. As part of this agreement, LPS confirmed its ongoing commitment to compliance and internal controls. On Feb. 7, 2013, the company announced its fourth quarter 2012 financial results, including a legal reserve balance of $223 million covering this settlement and others announced previously.
"The conclusion of the Justice Department's inquiry is another positive step for LPS," said Hugh Harris, LPS president and CEO. "Coupled with recent settlements with multiple state attorneys general, as well as other litigation, LPS has effectively dealt with its legacy issues related to past business practices and is squarely focused on delivering leading technology-driven solutions to enable the mortgage industry to meet its new requirements."
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 a Fortune 1000 company headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. For more information, please visit www.lpsvcs.com.
SOURCE Lender Processing Services, Inc.