Livinglies's Weblog

PennyMac and others are pretending to be “servicers” but they’re not, even though they do some servicing work. They’re using Black Knight’s systems to do it.

Think of Black Knight as a big boss that controls a lot of the so-called “servicing records,” about 62% of them in the US. Because of this, companies can act like they checked the records when they really didn’t, just by logging into Black Knight’s system.

Black Knight (formally known as LPS) is pretty shady—they’ve been caught doing illegal stuff before. So when they’re involved, it makes the court suspicious of any documents that come from them. If you can’t trust the documents, you can’t just assume they’re correct, and that can mess up a foreclosure case because the people trying to take the house can’t really prove they have a right to do so.

Now, there’s this big reveal when Black Knight, who’s been caught making fake documents before, sues PennyMac. They’re mad because PennyMac used Black Knight’s super-secret system without permission. This is the same system that creates most of the records for mortgages in the US.

What this means is that a lot of the companies who say they’re servicing loans, like PennyMac and Ocwen, are not telling the truth. We’ve seen this in court. The records they bring to court don’t really come from their systems. If you read carefully and make appropriate inquiries one fact stands out: PennyMac is acting under Black Knight. PennyMac may get to make certain entries which in turn are tested by Black Knight and PennyMac may get to print out copies of reports that are produced by certain algorithms at Black Knight but PennyMac has no role in creation or maintenance of business records on Black Knight, who in turn does not do anything for trusts because it has no contracts with trusts. it has contracts with investment banks. Notice how they are keeping the agreement between PennyMac and Black Knight a secret. Also note that the agreement names Fidelity Information Services, Inc. an Arkansas corporation as the principal and PennyMac is referred to as “client”.

No one can show that Black Knight is actually supposed to be servicing for the trusts that own the mortgages. They work for the big banks, not the trusts. There’s a lot of other data not controlled by Black Knight, and it’s mostly under Chase’s control.

When you’re in court, and the so-called servicer is trying to show payment records, remember two things. First, they didn’t get those records from their own company’s system. Second, the records don’t show everything, like payments made to the creditors, which means they’re not complete. Incomplete records shouldn’t be used as evidence.

If you don’t challenge these records, the court might just accept them, and that can lead to people losing their homes when they shouldn’t.

The real players, the big banks, and Black Knight are often not mentioned, but they’re the ones who are actually in control. And as for PennyMac, they’re just working under Black Knight’s shadow, not really servicing the loans themselves.

Black Knight sued PennyMac not just to protect their own secrets but to keep the whole system under control—the system that tries to keep it unclear about who owns what loan. This lawsuit was really about keeping their power and keeping the data from spreading out, which could show how messy and confusing the ownership of mortgages really is.

Here is some useful information about Black Knight brought to us from one of our avid readers and contributors to our blog; “summer chic”. This may be useful in drafting complaints:

*Black Knight is a renamed Lenders Processing Services/DocX who forged millions of assignments which were filed in Courts around the Nations to steal homes from American families.

*Bill Foley (FNF) , owner of LPS, DocX, Black Knight, ect. continues its illegal practices as of today while deceive borrowers with bogus Title Insurances.

*Speaking about monopoly, Mr. Foley owns majority of US Title Companies. *PennyMac is a renamed Countrywide Financial

*Caliber Home Loan is a renamed Countrywide Financial

* HomeXMortgage is a renamed Fremont Loan and Investments

*Matrix Private Capital is a renamed Lehman Brothers

So, it’s all coming out—what my mentor Neil Garfield had been saying for 14 years is right there in Black Knight’s lawsuit. They’ve got this high-tech system that they keep under lock and key, and they don’t let just anyone use it. But let’s remember, the big picture is about how all this secret keeping and data control is used to maintain a system that can often be unfair to homeowners.

 

Need help in understanding how to use this type of information in your own particular foreclosure defense case? Call us at 844.478.6774 or submit a free case registration statement here for recommendations specific to your individual case.

 

 

FORECLOSURE DEFENSE IS NOT SIMPLE. THERE IS NO GUARANTEE OF A FAVORABLE RESULT. THE COMMENTS ON THIS BLOG AND ELSEWHERE ARE BASED ON THE ABILITY OF A HOMEOWNER TO WIN THE CASE NOT MERELY SETTLE IT. OTHER LAWYERS HAVE STRATEGIES DIRECTED AT SETTLEMENT OR MODIFICATION. THE FORECLOSURE MILLS WILL DO EVERYTHING POSSIBLE TO WEAR YOU DOWN AND UNDERMINE YOUR CONFIDENCE. ALL EVIDENCE SHOWS THAT NO MEANINGFUL SETTLEMENT OCCURS UNTIL THE 11TH HOUR OF LITIGATION.

But challenging the “servicers” and other claimants before they seek enforcement can delay action by them for as much as 14 years or more. In addition, although currently rare, it can also result in your homestead being free and clear of any mortgage lien that you contested. (No Guarantee).

Yes you DO need a lawyer.

 

 

Filed under: CORRUPTION, foreclosure, securities fraud | Tagged: lance denha esq. |