Lender Processing Services, a third-party service provider to the mortgage industry, earned $76.7 million in the first quarter, compared to $60.6 million in the same period a year ago. LPS reported consolidated revenue of $592.4 million for the first quarter of 2010, an increase of 11.8%, compared to the first quarter of 2009. "LPS is off to a strong start in 2010 despite difficult market conditions and a challenging broader macro-economic environment," said Lee A. Kennedy, executive chairman of the company. "Our loan facilitation business posted record growth in a sluggish year-over-year origination market as we continued to gain market share." He noted that the firm's default services division posted strong gains as well.
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