We are receiving reports that Lender Processing Services (LPS), a National Association of Mortgage Field Services (NAMFS) Member, is closing their Solon, Ohio, offices. We checked the Ohio Department of Job and Family Services website to see whether or not LPS submitted the proper notifications in accordance with the Worker Adjustment and Retraining Notification (WARN) Act, and did not find any such Notifications. Massive layoffs are to begin within 60 days Foreclosurepedia’s source stated speaking on condition of anonymity. We do not know whether this will impact LPS Operations at their Westminster site. If you are a current or former LPS Employee, Contractor or competitor, Foreclosurepedia would like to speak with you about this. As all know by now, we protect our sources.
As many know, the recent buyout of LPS by Fidelity and the compartmentalization by Black Knight confirmed Foreclosurepedia’s predictions made last year. With the recent frenzy of inexplicable termination of contracts with Contractors on the West Coast by LPS, it would tend to confirm Foreclosurepedia’s belief that LPS has completed its life cycle and that its only valuation was that of its former title plants. We saw the shifting of Contracts to Fraudmaster Chris Dorpat in a completely against the grain move by LPS. This, coupled with the intensity of the Consumer Financial Protection Bureau (CFPB) investigations, could tend to telegraph to Contractors that it may very well be time for them to seek greener pastures to graze in. For those needing assistance or consulting, employee or contractor, should this story pan out feel free to reach out to Foreclosurepedia today.
Under the leadership — or lack thereof — of Eric Miller, National Association of Mortgage Field Services (NAMFS) Regime Executive Director, we have seen more fraud, bankruptcies and collapses within the Mortgage Field Services Industry than in all years combined previously. The topic for the NAMFS Fraud Fest 2014 in Orlando this September may contemplate Miller’s departure. Whether willing or not remains yet to be seen.
These reports are, as yet unconfirmed. We will stay on top of this fast moving story.
Editor’s Note:This has been confirmed by an employee working at LPS. Full details this evening including Foreclosurepedia’s call to the Ohio Department of Job and Family Services.
