LPS said to be near $200M ‘robo-signing’ settlement with feds

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Lender Processing Services — which reached a $120 million settlement with 46 states in January over allegations that its employees ‘robo-signed’ or rubber-stamped foreclosures without regard to fairness — is in talks to settle similar allegations by federal bank regulators of more than $200 million, Bloomberg News reports, citing anonymous sources briefed on the discussions.

LPS agreed to a $35 million settlement to resolve criminal fraud allegations in February. Lorraine Brown, the former CEO of now-defunct LPS subsidiary DocX LLC, is serving prison time for conspiracy to commit mail and wire fraud.  Source: bloomberg.com.

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