Predecessor’s ‘improper actions’ leads to $65 million fine for PA firm

A Pennsylvania real estate title company has been fined $65 million for “improper actions” by its predecessor company as a result of action by three federal financial institution regulatory agencies today.

Service Link Holdings LLC, a Coraopolis, Pa.-based company providing real estate title, closing, and escrow services, as well as appraisal and valuation services and default-related services including asset management and sales, was fined for “significant deficiencies in the foreclosure-related services” provided by its forerunner, Lender Processing Services, Inc. (LPS), to mortgage servicers.

The penalty was assessed by the OCC, FDIC and Federal Reserve. That penalty, the agencies stated in a joint release, satisfied the document review provision of the previous enforcement action. “The agencies continue to monitor the company’s compliance with other provisions of that order,” the release stated.

Federal Banking Agencies Fine ServiceLink Holdings $65 Million