NJ Getting Millions From Robo-Signing Company
New Jersey is getting 3.1 million dollars as part of a multi-state settlement with a Florida company that primarily provides technological support to banks and mortgage loan servicers.
The settlement with Lender Processing Services resolves allegations that two of the company’s subsidiaries improperly “robo-signed” documents, and engaged in other illegal conduct relating to the handling of mortgage loan defaults servicing.
A Consent Judgment filed today in New Jersey Superior Court requires proper execution of mortgage loan documents, and prohibits signature by unauthorized persons, or those without first-hand knowledge of facts attested to in the documents. The settlement also calls for enhanced oversight of default services provided, and a review of all third-party fees to ensure that the fees have been earned and are reasonable and accurate.
In addition to New Jersey, 44 other states and the District of Columbia participated in the total $120 million multi-state settlement.
(Information from The New Jersey Attorney General's Office.)