Foreclosure Defense Florida

DJSP- David J. Stern Enterprises adds another Key Non-Lawyer to “The Firm”

mortgage-processing-floridaJust this morning, MarketWatch announced that DJSP, the word processor behind the Law Offices of David Stern, has added another powerful player to their stellar management team….read the announcement here.

Let’s all keep a close eye on this stock!   I just cannot understand how a law office can become a publicly traded company and think this presents many issues of conflict and violation of Bar Rules, but that’s for the Bar to sort out.   I understand the fiction created here is that this publicly traded company:

“is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company’s principal customer is the Law Offices of David J. Stern, P.A., whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years.”

But exactly where is the line drawn between the practice of law and “processing services”?   Perhaps someone with authority will help to define this at some point in time in the future.   In the meantime, consider how to incorporate the fact that when you’re defending against a foreclosure, much of the work on the opposing side is merely….”processing services”….food for thought.

2 Comments

  • PJ says:

    One Question here.. how many of those companies that Mr.Powers work for are still in business and how many of them can be traced back to sub-prime lending… Mr. Powers did not stay in one place for too long it appears.

    Also got to love in the press releases , that DJSP’s largest client is itself… aka the law firm.

    Where is the SEC and the state bar association?

  • PJ says:

    Matt and all there appears to be a strong connection here with Altisource, Lender One, PHH , Fannie Mae and Terrance Edwards who jumped from PHH to Fannie this year.

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