JACKSONVILLE, Fla. – (December 4, 2008) – Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage industry, today announced that Wells Fargo Home Mortgage has entered into a multi-year consulting agreement with LPS.
As part of this engagement, Bob Caruso, executive vice president of Strategy and Business Development at LPS, will provide business management and consulting services to assist Wells Fargo in managing the Wachovia Pick-a-Pay portfolio.
"We are excited to have the benefit of Bob’s skill and expertise, as well as the LPS organization working with Wells Fargo on this critical piece of the Wells/Wachovia merger," said Mike Heid, co-president, Wells Fargo Home Mortgage. "Bob worked for us at Wells Fargo for eight years, knows our mortgage business very well and has well-established relationships with our mortgage leaders."
Caruso will dedicate the vast majority of his time to Wells Fargo, however, he will continue to play an integral role with LPS, specifically in the areas of governmental relations and strategic planning.
"We are pleased to have this opportunity to expand our relationship with Wells Fargo, a leader in our industry," said Jeff Carbiener, president and chief executive officer of LPS. "Bob’s 25 years of experience and depth and breadth of knowledge are an asset to LPS, and will help Wells Fargo achieve their business goals."
About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention, risk management and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' MSP. In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.
Media contact: Michelle Kersch, 904.854.5043, michelle.kersch@lpsvcs.com
Investor contact: Parag Bhansali, 904.854.8640, parag.bhansali@lpsvcs.com
###