LPS Responds to Nevada Attorney General Announcement

Nov 17, 2011, 09:18 ET from Lender Processing Services

JACKSONVILLE, Fla., Nov. 17, 2011 /PRNewswire/ -- Lender Processing Services has previously disclosed that since 2010, the company has conducted reviews of the processes used in the signing and notarization of documents used in foreclosure proceedings. LPS recently learned of an inquiry from the Nevada Attorney General into its document execution practices and expressed its willingness to fully cooperate with the investigation. Earlier this month, the Attorney General's office confirmed that the company was not a target of this inquiry.

The Nevada Attorney General has elected to charge two Lender Processing Services (NYSE: LPS) employees for document execution and notarization practices related to notices of default and deeds of trust filed in Clark County, Nevada from 2005 to 2008.  Based on the company's reviews, LPS acknowledges the signing procedures on some of these documents were flawed; however, the company also believes these documents were properly authorized and their recording did not result in a wrongful foreclosure.

"I am deeply committed to ensuring that LPS meets rigorous standards of professional conduct and operating excellence," said newly appointed LPS President and CEO Hugh Harris. "I have full confidence in the ability of our leadership team and more than 8,000 dedicated employees to deliver on that commitment."

About Lender Processing Services

Lender Processing Services, Inc. (LPS) is a leading provider of integrated technology and services to the mortgage and real estate industries. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, workflow automation (LPS Desktop), portfolio retention and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages by volume are serviced using LPS' Mortgage Servicing Package (MSP). LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.

SOURCE Lender Processing Services