December 11, 2016 2:09 AM ET

Thrifts and Mortgage Finance

Company Overview of Litton Loan Servicing LP

Company Overview

Litton Loan Servicing LP offers residential mortgage loans to homeowners in the United States. It also offers consulting and loan servicing process. Litton Loan Servicing LP was formerly known as Litton Mortgage Servicing Center, Inc. The company was founded in 1988 and is based in Houston, Texas. As of September 1, 2011, Litton Loan Servicing LP operates as a subsidiary of Ocwen Loan Servicing, LLC.

4828 Loop Central Drive

Suite 104

Houston, TX 77081

United States

Founded in 1988

Phone:

713-960-9676

Fax:

713-960-0539

Key Executives for Litton Loan Servicing LP

Chief Executive Officer, President, and Owner
Founder and Founding Director
Compensation as of Fiscal Year 2016.

Litton Loan Servicing LP Key Developments

The Law Firms of Kessler Topaz Meltzer & Check, LLP, Berger & Montague, P.C., and Lowey Dannenberg Cohen & Hart, P.C. Announce Class Action Settlement with Litton Loan Servicing LP, The Goldman Sachs Group, Inc. and Arrow Corporate Member Holdings LLC

A proposed settlement has been reached with Litton Loan Servicing LP, The Goldman Sachs Group, Inc. and/or Arrow Corporate Member Holdings LLC (collectively Litton Defendants) in a putative class action pending in the United States District Court for the Southern District of New York captioned Lyons, et al., v. Litton Loan Servicing LP, et al. Plaintiffs Jimmy Lyons, Jacqueline Lyons and Sheila Heard (Plaintiffs) allege, among other things, that when a borrower was required to have insurance pursuant to a residential mortgage, and the borrower failed to provide evidence of acceptable coverage, the Litton Defendants would obtain lender-placed insurance (LPI) in a manner that enabled the Litton Defendants to receive unauthorized benefits from the LPI provider. Plaintiffs also allege that the way in which LPI was obtained and placed caused the LPI charges and the amount of coverage to be excessive. The Litton Defendants deny any wrongdoing and assert that their actions were fully authorized under the terms of the loans and by law. There has been no court decision on the merits and no finding that the Litton Defendants committed any wrongdoing. As part of the Settlement, the Litton Defendants have agreed to deposit $4,121,000 into a Settlement Fund established under the terms of the Settlement Agreement. Each Settlement Class Member will be entitled to a pro rata share of the Net Settlement Fund in proportion to their Individual Net Premium over the Total Net Premium charged to all Settlement Class Members, after accounting for Minimum Level Payment Recipients, as those terms are defined in the Settlement Agreement, with a Minimum Level Payment of $2.00. Additionally, second settlement payments may be issued after the first settlement payments if the balance remaining in the Net Settlement Fund exceeds a certain level.

Similar Private Companies By Industry

Company Name Region
120dB Films, Inc. United States
1st 2nd Mortgage Co.of N.J., Inc. United States
1st Integrity Mortgage, Inc. United States
1st Palm Financial Services, LLC United States
1st Point Lending, LLC United States

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
Rush University United States
The Advertising Council, Inc. United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Litton Loan Servicing LP, please visit --. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.