Lender Processing Services, a recent spinoff from bank IT outsourcer Fidelity National Information Services, has landed a new multi-year consulting agreement with Wells Fargo Home Mortgage that should serve as a “critical piece” of the Wells/Wachovia merger expected to close this month.

As part of the deal, LPS evp Bob Caruso—who was formerly an svp at Wells in the bank’s Des Moines, IA-based mortgage unit—will lead business management and consulting services in helping Wells to manage the $118.7 billion worth of troubled pick-a-pay—or option-rate adjustable—loans coming over with Wachovia (via the latter’s 2006 acquisition of Golden West Financial).

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