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LPS Servicing Settlement Results in New Consumer Complaint Resources

NationalMortgageProfessional.com
Mar 27, 2013

Connecticut Attorney General George Jepsen is advising consumers that two toll-free numbers are available for questions about faulty mortgage-related documents or field services provided by Lender Processing Services Inc. (LPS) and its subsidiaries, LPS Default Solutions and DocX. The company was required to establish and maintain the dedicated telephone lines under terms of a $120 million multi-state settlement announced by the Attorney General in January to resolve the company’s alleged improper practices for executing mortgage-related documents. The company also agreed to review documents executed between Jan. 1, 2009-Dec. 31, 2010 to determine whether any needed to be re-executed or corrected, among other changes. “The settlement imposed important reforms against robo-signing practices by the company. It also provided recourse for consumers who believe they may have been affected by the company’s past practices,” Attorney General Jepsen said. LPS and its subsidiaries allegedly executed thousands of potentially affected documents filed or recorded in Connecticut, which may have had defects such as unauthorized signatures, improper notarizations and inaccurate information relating to the identity of the signatory or effective date of assignment, Jepsen said. Connecticut was one of several lead states that investigated the practices and negotiated the settlement, which included 45 states and the District of Columbia. Connecticut received nearly $1.9 million from the settlement agreement.
Published
Mar 27, 2013
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