West Virginia and 44 other states have reached a $113 million settlement with Lender Processing Services Inc and its subsidiaries, LPS Default Solutions and DocX, state Attorney General Patrick Morrisey announced Jan. 31.
The proposed settlement would resolve allegations that the Jacksonville, Fla.-based company, which provides technical support to banks and mortgage loan services, "robo-signed" documents and other improper conduct in its mortgage loan default services.
West Virginia would receive $203,594 under this settlement. This money would be used for litigation and administrative costs incurred for consumer protection purposes, appropriation by the Legislature and distribution to taxpayers/consumers, the news release states.
According to Morrisey's news release, if the settlement is approved by the Kanawha County Circuit Court, LPS will be required to reform certain business practices.
LPS would be required to review documents executed from Jan. 1, 2008, to Dec. 31, 2010, to determine if documents need to be re-executed or corrected, the news release states.
LPS also will make periodic reports to the attorney general of the status of its review.
"The mortgage crisis has affected far too many families. I am pleased that LPS is willing to enhance its practices to ensure all foreclosure proceedings are strictly followed," Morrisey said in the release.
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