Mortgage technology services provider Lender Processing Services settled another investigation launched by a state Attorney General over accusations of insufficient mortgage and foreclosure document handling practices at its subsidiary DocX.
LPS reached a deal with the Colorado Attorney General Monday, agreeing to pay $1.3 million as a settlement while reimbursing the state through a $500,000 fee.
As part of the deal, the state AG will release LPS and its subsidiaries of all potential liability related to past document execution practices in the state.
"This settlement is another important step in our continuing efforts to resolve legal and regulatory issues related to past, discontinued document execution practices," said Hugh Harris, president and chief executive officer 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."
LPS recently agreed to settle a Delaware Attorney General investigation into DocX by paying $150,000 and an additional $100,000 to cover fees and costs.
And in August, LPS paid $1.5 million to the state of Missouri to end criminal charges pending against DocX.