Missouri Attorney General Chris Koster has announced a settlement of criminal proceedings against the mortgage surrogate signing company DocX and an agreement with parent company Lender Processing Services Inc. (LPS).
In February, Koster obtained criminal indictments against DocX and its former president, Lorraine Brown, for ‘forgery and making false declarations related to mortgage documents processed by DocX’ in Missouri during 2010. Under the agreement, LPS will pay the state of Missouri $2 million and will cooperate with the attorney general's office in its continuing criminal investigation of Brown.
‘My office has taken the position that when you sign your name to a legal document, it matters,’ Koster says. ‘The monetary disgorgement and the agreement we have reached in this criminal case with DocX should remind all mortgage services processers that our system of titling real property will be held to a standard of accuracy and truth expected by homeowners across the country.’
LPS issued a statement welcoming the settlement.
‘This settlement is an important milestone in our ongoing efforts to resolve legal and regulatory issues related to the operations of DocX, which we closed in 2010,’ says Hugh Harris, president and CEO 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.’