| | Advanced Search


The Boombox Opens at The Dean Hotel—The Boombox, Providence’s first and only karaoke lounge,…

Russ Moore: Journal Bought by Notorious Cost-Cutter—Russ Moore: Journal Bought by Notorious Cost-Cutter

Smart Benefits: 2015 Health Insurance Rates Approved—Rhode Island’s Health Insurance Commissioner recently announced approved…

Leonardo Angiulo: Further Refining the Investigation of Marijuana Offenses—Leonardo Angiulo: Further Refining the Investigation of Marijuana…

Basketball Recruiting: RI, MA Players With D1 Futures- Class of 2015—Basketball Recruiting: RI, MA Players With D1 Futures-…

Queen Rules Mohegan Sun—Last Friday night, Queen rocked Mohegan Sun for…

NEW: Providence Ranked 22nd Sexiest City in America—How sexy is Providence?

LISTEN: RI’s Biggest Campaign Blunders of 2014 (So Far)—This may be the biggest election year in…

College Admissions: 6 Tips for Adjusting to College Life—How to make the transition fun and easier

The Rhode Island Black Business Association Launches New Website—The Rhode Island Black Business Association (RIBBA) has…


NEW: RI Will Receive $450K from Lender Processing Services Settlement

Thursday, January 31, 2013


The State of Rhode Island stands to make just under $450,000 as part of a multi-state settlement reached this week with Lender Processing Services (LPS) and its subsidiaries.

The deal, which was announced today by Attorney General Peter Kilmartin, is part of an overall $128 million dollar settlement with the company over its robo-signing practices during the recent housing and foreclosure crisis across the nation.

According to the suit, the Florida-based company, which provides technological support to banks and mortgage loan servicers, participated in “improper conduct” related to mortgage loan default servicing and, with the settlement, Lender Processing Services will have to reform its business practices and, if needed, will have to assist homeowners by correcting documents it helped execute.

The company was accused of allowing employees who were not authorized to do so to sign legal documents “en masse” and notaries improperly certified the signing of the documents “even though they were executed outside of their presence.”

“There is no question that companies engaged in suspect activities during the housing crisis, most notably robo-signing in which foreclosures took place based on unreviewed or forged documents,” Kilmartin said. “Today’s settlement punishes the nation’s largest robo-signing service provider and sets new standards and practices in place to ensure the practice does not occur in the future.”

The settlement will require LPS to properly execute documents going forward and will prohibit signatures by unauthorized individuals.

In addition, LPS will be prohibited from the practice of “surrogate signing of documents” and will be required to enhance its oversight and review over the third parties it manages as well as abide by a number of other conditions meant to prevent a similar controversy from occurring in the future.


Related Articles


Enjoy this post? Share it with others.


Hey, RI justice can be bought for $450K. Got money? Then RI will ignore criminal behavior, just pay us off.

Comment #1 by Charles Marsh on 2013 01 31

Commenting is not available in this channel entry.