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Vermont To Receive $371,000 In Multi-State Settlement With Lender Processing Services, Inc.

CONTACT: Justin Kolber, Assistant Attorney General, (802) 828-5620

February 5, 2010

Attorney General William H. Sorrell announced today that he and 45 other state Attorneys General and the District of Columbia have reached a 120 million dollar multi-state settlement with Lender Processing Services, Inc. and its subsidiaries (“LPS”), the nation’s largest provider of technological support to banks and mortgage loan servicers. Vermont will receive $371,000 in its share of the settlement. The complaint filed today alleges that LPS “robo-signed” documents and engaged in other improper conduct related to mortgage loan default servicing. Once approved by the court, the settlement will require LPS to reform its business practices, and if necessary, to correct documents of individual homeowners to minimize their harm.

“This case follows Vermont’s role in the national foreclosure settlement reached in February 2012, to ensure that mortgage foreclosure and loan documents are properly carried out,” said Attorney General Sorrell. The February 2012 case was a comprehensive 25 billion dollar settlement among 49 states and the federal government, addressing widespread mortgage abuses by the nation’s five largest mortgage servicers, which brought $6.7 million into Vermont.

As part of its settlement, LPS will review documents from the period January 1, 2008—December 31, 2010, and correct any deficiencies that LPS uncovers in its review. Consumers may also call a toll-free LPS number (available on or before March 1st) and request review and correction of any documents executed by LPS at any time.

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