Welcome! Login | Register
 

Seven Big Surprises So Far in the 2016 Election Season in RI—Seven Big Surprises So Far in the 2016…

Bob Whitcomb’s Digital Diary: EU, Newport NIMBYs, and Obamacare—Bob Whitcomb’s Digital Diary: EU, Newport NIMBYs, and…

Santander Fails U.S. Stress Test for Third Straight Year—Santander Fails U.S. Stress Test for Third Straight…

Guest MINDSETTER™ Tom Kenney: PFD Organizational Chart—Guest MINDSETTER™ Tom Kenney: PFD Organizational Chart

Guest MINDSETTER™ DiPalma & Bann: Rhode Islanders Can be Proud of Children’s Health Improvements—Guest MINDSETTER™ DiPalma & Bann: Rhode Islanders Can…

4Faiths Tour of Newport Announces Walking Tour “4faiths, 4landmarks”—4Faiths Tour of Newport Announces Walking Tour "4faiths,…

PC Hockey to Play Boston College at Frozen Fenway 2017—PC Hockey to Play Boston College at Frozen…

Billy Dee Williams Coming to RI Comic Con 2016—Billy Dee Williams Coming to RI Comic Con…

Hasbro Inc. Ranks as Most Community Minded Company in America—Hasbro Inc. Ranks as Most Community Minded Company…

Former PC Star Bryce Cotton to Join Atlanta Hawks for NBA Summer League—Former PC Star Bryce Cotton to Join Atlanta…

 
 

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.

 
 
:!