JACKSONVILLE, Fla. – Loan Processing Services, spun off last year from Fidelity National Information Services, reported a 22% rise in net income for its second quarter, to $75.7 million, amid a surge in mortgage processing and servicing revenue.
The company, which bills itself as the nation’s largest mortgage processor, reported that revenues soared by 35% for the second quarter to $613.2 million, a product of the mortgage refi boom induced by record low rates.
For the second quarter, revenues for loan transaction services increased by 42.1% to $448.0 million; for loan facilitation services revenues were up 25.8%; and for default services revenues 51.9%.
For the first six months of the year, LPS reported a 27% rise in revenues, to $1.14 billion, but flat earnings, of $125.3 million, due to costs related to the spin-off.
Lender Processing was spun off last year from FIS, which was spun off two years before from Fidelity National Financial, the giant title insurance company. The three separate publicly owned companies are all run out of the same offices in Jacksonville now.
