Welcome! Login | Register
 

Providence Has Paid D’Amico Nearly $175K Since He Quit, Total Comp Hits $1M—Providence Has Paid D’Amico Nearly $175k Since He…

The 20 Best Ice Cream Places in Rhode Island—The 20 Best Ice Cream Places in Rhode…

Fit For Life: I Can’t Settle – Neither Should You—Fit For Life: I Can’t Settle – Neither…

Prov Warwick Convention & Visitors Bureau Starts Pokemon Go Blog—Prov Warwick Convention & Visitors Bureau Starts Pokemon…

Trump’s Turnaround: June Marks Best Fundraising Month So Far—Trump’s Turnaround: June Marks Best Fundraising Month So…

RI Authors Release “Shoreline” Anthology Featuring Works of 19 RI Writers—RI Authors Release "Shoreline" Anthology Featuring Works of…

RI’s Malia Kamalani Cruz to Compete for Miss Teen USA National Title—RI's Malia Kamalani Cruz Compete for Miss Teen…

Concerns Sparked by Convicted Felon’s Suboxone Clinic on Wickenden St.—Concerns Sparked by Convicted Felon's Suboxone Clinic on…

Ivanka Trump Addresses Republican National Convention - See Her Speech Here—Ivanka Trump Addresses Republican National Convention - See…

Mayor Elorza’s Proposed $40 Million Bond Program Goes Down in Finance Committee—Mayor Elorza's Proposed $40 Million Bond Program Goes…

 
 

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.

 
 
:!