Editor's Note: Lender Processing Services ("LPS") is the parent company of Aptitude Solutions ("Aptitude"). Aptitude, Gregory Diaz, and Nevada County are being sued for violating copyright law and taking a local company's trade secret software.
"Attorney General Kamala D. Harris announced she has subpoenaed Lender Processing Services, Inc. (LPS), as part of her continuing probe into "robosigning" of mortgage documents and other illegal activities in the mortgage servicing industry, especially misconduct affecting borrowers facing, or in the midst of, foreclosure.
"Robosigning is the practice of signing documents used by banks or mortgage servicing companies to foreclose on borrowers without verifying their accuracy - often thousands of different documents signed by a single individual per day. In many cases, the robosigners don't even read or understand the document they are signing.
"'California homeowners have been exposed to fraud and crime at every step of the mortgage process,' said Attorney General Harris. 'Justice demands we come to their aid and a key step in that is to investigate robosigning and the potential for inaccurate or unjust foreclosures.'
"Former LPS employees have testified that LPS designees 'robosigned' foreclosure documents. LPS prepared and recorded these foreclosure documents on behalf of many of the largest mortgage lenders and servicers in the country.
The rest of the press release is here.
Now LPS forecloses on houses for big banks - like Bank of America. Aptitude only provides court management software and recording software.
What does LPS need to efficiently foreclose on you homes? Court records and land records.
You do not have to be a rocket scientist to figure out that Aptitude and LPS are streamlining foreclosures by gaining direct access to the court records and land records.
60 Minutes did a piece on LPS in April 2011.
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