DE getting $250K to settle mortgage "robo-signing" case

By Frank Gerace 9:29pm, October 16, 2012
The state Attorney General's office says Delaware's getting a quarter of a million dollars to settle a mortgage "robo-signing" case.

An agreement between Beau Biden's office and Florida-based LPS resolves claims that LPS subsidiaries, including DocX LLC, permitted unauthorized employees to sign mortgages and other legal documents, and allowed notaries to authorize the signatures, even though the documents weren't signed in their presence.

Some of those documents were filed in Recorder of Deeds offices in Delaware in 2008 and 2009, and the AG's office says LPS made about 60 thousand dollars from the transactions involving the documents.

As part of the settlement, LPS will report to Biden's office quarterly on its compliance with a separate federal consent decree which involves an independent review of its activities, and will prepare a plan to make restitution if the review finds evidence of financial harm.

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