Promote Your Attorney Profile on Law.net - Get Found / Earn More!
Urban Outfitters Pulls Offensive Sweatshirt
Urban Outfitters Pulls Offensive Sweatshirt
Chipotle Shuts Down as Workers Protest “Borderline Sweatshop Conditions”
Chipotle Shuts Down as Workers Protest “Borderline Sweatshop Conditi...
Home Depot Security Breach Could be Largest Yet
Home Depot Security Breach Could be Largest Yet
General Motors’ Board Criticized Over Handling of Recalls
General Motors’ Board Criticized Over Handling of Recalls
Job Listings

Lender Processing Services Inc Settling Probe for $35 Million

On Friday, the U.S. Department of Justice announced that LPS Inc, the mortgage servicing company, has agreed to resolve a federal criminal probe over foreclosure fraud for a sum of $35 million.

The allegations against the Florida-based company had included involvement in a six-year scheme to prepare and file more than 1 million mortgage documents that were fraudulently signed and notarized. LPS was accused of filing such documents in property recorders’ offices across the nation.

Lorraine Brown, the chief executive of the DocX LLC unit of LPS had pleaded guilty in November 2012 to a felony charge of conspiracy to commit mail and wire fraud in the scheme which continued from 2003 to 2009.

The settlement includes a two-year non-prosecution agreement along with several terms and conditions for LPS including cooperating in federal probes, and a condition to alert the government to any abuses in foreclosure documentation in the company.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


The $35 million settlement consideration includes forfeiture and criminal penalties and is to be paid within 10 days to the U.S. Marshals Service and the U.S. Treasury.

Most of the foreclosure abuses were caused due to high pressure on executives to meet targets and documents being signed through a process popular as “robo-signing,” without proper verification. In February last year, five large banks and financial institutions agreed to a $25 billion settlement with regulators to settle such probes into their foreclosure abuses.

Lender Processing Services Inc Settling Probe for $35 Million by

Tagged: , ,

Posted by on February 16, 2013. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Assistant Counsel
USA-CA-El Centro

The Imperial Irrigation District a public utility located in southeastern CA is seeking an Assistant Counsel, Energy to assist in the administration of District legal matters and provide legal advice ...