Mortgage foreclosure vendor Lender Processing Services on Wednesday named Hugh R. Harris president and chief executive officer effective immediately.
He replaces Lee Kennedy, the LPS chairman who had been serving as interim CEO and president. Kennedy remains as the company's chairman.
Harris' resume includes executive stints at Fidelity National Financial, and Fidelity National Information Services, prior to the latter company's spin-off of LPS.
During his long career in mortgage banking Harris also served as president and CEO of HomeSide Lending, Inc., Jacksonville, Fla., which eventually was sold to National Bank of Australia.
In a new report issued this week Stern Agee analyst Greg Smith notes that according to a just published 'Mortgage Monitor' report from LPS, foreclosure starts totaled 248,000 units in August, up 20% over July. However, year-over-year the decline was 12%, but when you combine July and August foreclosure starts, the third quarter is tracking to 683,000 foreclosure starts – “nicely ahead of the 602k starts reported by LPS in 2Q11,” writes Smith.
Rising foreclosures means loan facilitation revenue will rise at LPS. Sterne Agee now anticipates that LPS will meet its earnings per share estimate of $0.55 for the third quarter.