Lawsuits allege fee-splitting at Prommis, LPS

Welcome to our new readers from the FCIC. lender processing services, a crucial player in the residential mortgage servicing arena, has been hit with two suits seeking national class action status (see here and here for the court filings). If the plaintiffs prevail, the disgorgement of fees by LPS could easily run into the billions [.]

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The lawsuit. in the fee-splitting lawsuit on the plaintiff’s side, as the website Naked Capitalism reported on October 11. The first big event in the case, a hearing on LPS’s motion for summary.

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LPS and Prommis Respond to Allegations of Illegal Fee-Splitting October 11, 2010 The housing crisis has brought with it a barrage of lawsuits, many of which are taking direct aim at the practices.

Court and none of these fee splitting arrangements have been approved by the Bankruptcy Court. 18. The Plaintiff and the Class allege that these actions violate the Rules, the Code and the Bankruptcy process solely for the unlawful gain of the defendants. 19. prommis solutions, according to their regulatory filings, purchased

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Court and none of these fee splitting arrangements have been approved by the Bankruptcy Court. 17. The Plaintiff and the Class allege that these actions violate the Rules, the Code and the Bankruptcy process solely for the unlawful gain of the defendants. 18. Prommis Solutions, according to their regulatory filings, purchased

AOL’s DailyFinance reports:. An awful lot of attorneys are in deep trouble, two companies will be destroyed, two more will be deeply damaged and a venture capital firm faces big losses, if the allegations in a lawsuit updated Monday are true.; Jonathan and Darlene Thorne accuse the companies, LPS Default Solutions and Prommis Solutions, and their attorneys of having an illegal and fraudulent.