Mortgage technology services provider Lender Processing Services (LPS) settled a major investigation launched by the Delaware Attorney General against its DocX subsidiary.
The investigation, which centered around the firm’s loan document execution practices, ended with LPS agreeing to pay the state $150,000 in lieu of penalties and reimburse the Delaware AG’s office in the amount of $100,000 to cover fees and costs of the probe.
In addition, the agreement releases DocX and its parent company, LPS, from potential liability related to its document execution practices in Delaware.
“This settlement is another important step in our continuing efforts to resolve legal and regulatory issues related to the operations of DocX, which we closed in 2010,” said Hugh Harris, president and chief executive officer of LPS.
“LPS remains focused on resolving all remaining legal and regulatory challenges as expeditiously as possible, and is committed to ensuring that we continue to operate with integrity and compliance in everything we do.”
In August, LPS ended a criminal probe launched by the Missouri AG over the handling of loan documents and robosigning.
LPS offered to pay $1.5 million to the state and agreed to reimburse the state AG’s office in the amount of $500,000 in fees for the investigation.
kpanchuk@housingwire.com
