Bear Stearns
Lender Processing Services
Action Date: June 3, 2011
Location: New York, NY
On April 13, 2011, the FDIC entered a Consent Order against Lender Processing Services and 10 banks and the Mortgage Electronic Registration Systems, Inc. Under the terms of that Order, LPS was to have chosen an independent consultant, acceptable to the FDIC, to begin the review of the mortgage documents produced by LPS, particularly, the Assignments to mortgage-backed trusts, by June 2, 2011.
After 2008 - that is, after the purchase of Bear Stearns by JP Morgan Chase - Bear Stearns Trusts in particular relied almost exclusively on Mortgage Assignments produced by LPS in foreclosures. LPS employees signed as officers of Mortgage Electronic Registration Systems, Inc. as Nominees for all of the following mortgage companies and banks in order to provide "proof" of ownership of mortgages by Bear Stearns Trusts:
Academy Mortgage Corporation
Acoustic Home Loans, Inc.
Act Lending Corp. d/b/a Act Mortgage Capital
Aegis Lending Corporation
Allied Mortgage Group, Inc.
American Mortgage Company, LLC
American Mortgage Express Financial d/b/a Millenium Funding Group
Bankfirst
Bayrock Mortgage Corporation
Bear Stearns Residential Mortgage Corporation
Bravo Credit Corporation
BSM Financial, LP d/b/a Brokersource
CBSK Financial Group, Inc.
Central Pacific Mortgage
Colorado Federal Savings Bank
CTX Mortgage Company, LLC
EMC Mortgage Corporation
Encore Credit Corporation
Entrust Mortgage, Inc.
Excel Mortgage Network
Fieldstone Mortgage Company
1st American Mortgage Services, Inc.
1st Mariner Bank
First Magnus Financial Corporation
First NLC Financial Services, LLC
First Residential Mortgage Services Corporation
First Security Mortgage Services, Inc.
Flick Mortgage Investors, Inc.
4UDirect, Inc. d/b/a Nation’s Home Lending Center
Fremont Investment & Loan
Geneva Mortgage Corporation
Greenpoint Mortgage Funding, Inc.
Harbourton Mortgage Investment Corporation
Homebridge Mortgage Bankers Corporation
Homequest Capital Funding
HSBC Mortgage Corporation
Irwin Mortgage Corporation
JLM Direct Funding, Ltd.
Lakeland Regional Mortgage Corporation
Lending First Mortgage
Market Street Mortgage Corporation
Millenium Bank, N.A.
Molton Allen & Williams Mortgage Co., LLC
Mortgage Center of Smith & Associates, LLC
Mortgage Lenders Network USA, Inc.
Mortgage Loan Specialists, Inc.
NBA Mortgage Group, a division of National Bank of Arkansas
No Red Tape Home Loan, a division of Metrociti Mortgage, LLC
One Source Mortgage, LLC
People’s Choice Home Loan
Pinnacle Financial Corporation
Platinum Capital Group
Pointbank
Pulte Mortgage, LLC
Quick Loan Funding, Inc.
Resmae Mortgage Corporation
Sebring Capital Partners
Security Atlantic Mortgage Company, Inc.
Shasta Financial Services
Southstar Funding, LLC
Stonecreek Funding Corporation
Sunbelt Lending Services
Sunshine Mortgage Corporation
Unimortgage, LLC
United Mortgage Corporation
United Pacific Mortgage
Universal American Mortgage Co., LLC
Unlimited Loan Resources
The dates that the Bear Stearns Trusts acquired these mortgages were wrongly stated on almost all of the LPS Assignments. Bank of America, Bank of New York Mellon, Citibank and Wells Fargo are all trustees for various Bear Stearns Trusts.
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Source: Fraud Digest
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