Abigail Field at Daily Finance explains why homeowners (and the attorneys who represent them) need to scrutinize their mortgage debt–even those who aren’t facing foreclosure.
We’ve known for years that mortgage servicers were misapplying, but some new information has come to light in the testimony of former LPS employee Adrian Lofton:
Lofton traces the cause of the blatant rule-breaking to LPS’s already well-documented obsession with speed over accuracy, something that has undermined the integrity of the lawyering of foreclosures. LPS rewards employees with bonuses based on how fast they resolve issues and how rarely they need to involve supervisors to get things done. That pressure to hurry up drives the employees to “make something up” as Lofton puts it, to get their jobs done.