LOS ANGELES, Feb. 1, 2012—LERETA, LLC (LERETA), a private investment group which includes Doug Foley and Jim Thornton, announced today that it has acquired the real estate tax services business of LPS Property Tax Solutions, Inc. (LPS Tax), a wholly-owned division of Lender Processing Services, Inc (LPS), a leading provider of mortgage technology and services.
“We are confident that LERETA will fully support LPS Tax customers with a wide range of high-quality property tax services needed by mortgage lenders and servicers,” said LPS Chief Operating Officer Dan Scheuble. “During this transition, we are committed to working closely with LERETA and our customers to ensure a smooth, seamless conversion to LERETA’s systems.”
For years, the teams at LERETA and LPS Tax have built a solid reputation in the mortgage industry based on quality and extraordinary service to thousands of mortgage originators and servicers of varying types, sizes and national locations. LERETA President Jim Thornton stated, “We welcome LPS Tax customers to the LERETA family and are anxious to demonstrate our ability to provide them with the excellent customer service and support they’ve enjoyed with LPS Tax. This is an exciting time for LERETA as we continue to invest in the growth of our business and add to our distinguished and formidable customer group.”
In a statement from LERETA CEO Doug Foley, he announced, “LERETA has over 26 years of experience in the mortgage services industry, with average employee tenure of over 15 years. The depth, experience, dedication and ingenuity of our people, combined with the strength and flexibility of our systems, give us a strong competitive edge. We are proud of the LERETA name and our reputation as an industry leader and continue to embrace the values that first made our brand synonymous with extraordinary service. With our commitment to problem-solving and providing the highest standard of service in the industry, we pledge to carefully listen and respond to our new and existing customers’ issues and concerns. Our company has been consistently healthy and strong throughout this difficult economy, and we are excited about the growth prospects and opportunities in the market today.”
Kerlin Capital Group, LLC, a Los Angeles-based boutique investment bank, represented the LERETA investment group in this transaction.
About LERETA, LLC
LERETA, LLC continues in the tradition of LERETA Corp. Founded in 1986, LERETA Corp. has been a major force in the tax and flood service industries since its inception. LERETA provides a full suite of real estate tax services for residential and commercial loans, including automated online research and certification, tax bill processing, a suite of delinquent tax services, and customized tax outsourcing service programs. LERETA also provides real time flood zone determination services. For more information, visit www.lereta.com.