Lender Processing Service (LPS), recently reacquired by Fidelity National, is rumored to be making some pretty serious layoffs. We reached out to the Ohio WARN to attempt to find out if LPS and made the generally expected announcements; however, none are listed and our calls have not been returned. LPS has not returned any emails either. You may remember we reported on Berghorst Enterprises being in the same boat earlier this year which we reported upon. Below is the verbatim statement from an Industry Source whom spoke on condition of anonymity,
LPS just laid off 75 employees in Solon, Ohio. This of course is not their first round of layoffs, and surely falls on the tails of LPS being fired by Chase early this year. The employees are pretty demoralized, as some of those who were cut were 20-year veterans of the company. My take on it is that much of it can be blamed not on declining inventories or the evil wizard at Safeguard, but instead on LPS’s stupid statewide RFP pursuits (which Safeguard wisely has avoided, and which produced similar destruction and pain for both CoreLogic and BAC), which have rolled out gradually over the last 4-5 years.
The place has become a bit like A2Z. The […redacted…] told him, off record, that they laid off 40 people last Thursday so the extra 35 must have come on Friday (she said more were coming). Also, he said part of the reason is the fact that they just lost OneWest to FAS ([…redacted…] another company that doesn’t do RFPs and works mainly with locals).
So, as we still have some great folks working as W2s over at LPS; if this pans out as being valid which I have no reason to suspect otherwise, we are wishing them the best. Always remember that Foreclosurepedia has an ear you can whisper into!
We will stay on top of this Story for the Contractors out there. From your point-of-view, I am not sure what to imply. I had predicted all of this as early as October, 2012, when everyone thought I was crazy. Lo and behold …