Caruso to Aid Wells With Modifications
Jacksonville, FL-Bob Caruso, a former Wells Fargo servicing executive who is now vice president of strategy and business development at Lender Processing Services, will assist Wells Fargo in managing the portfolio of pay-option loans being acquired as it buys Wachovia.
LPS said that Wells Fargo has entered into a multiyear consulting agreement with LPS regarding the management of the high-default, "Pick-a-Pay" loans from Wachovia. LPS said that Mr. Caruso will dedicate the "vast majority of his time" to Wells Fargo, but he will also continue to play a role within LPS in government relations and strategic planning. "We are excited to have the benefit of Bob's skill and expertise, as well as the LPS organization working with Wells Fargo on this critical piece of the Wells/Wachovia merger," said Mike Heid, co-president of Wells Fargo Home Mortgage.