February 1, 2013
Maine gets $500K in robo-signing settlement
Maine will receive $500,000 as part of a national settlement accusing a Jacksonville, Fla.-based mortgage processor of an automated loan approval practice called "robo-signing."
As a result of the settlement, Lender Processing Services Inc. will pay a total of $120.6 million to 45 states, according to a press release from Janet Mills, Maine's attorney general.
Mills said that the company's use of robo-signing and other improper signing practices contributed to a "high rate of hastily processed foreclosures in Maine and across the country."
The funds from the settlement, she said, will be used to support housing counselors to help Maine homeowners avoid foreclosure.
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