Lender Processing Services Announces Settlement with Michigan Attorney General

Jan 31, 2013, 13:34 ET from Lender Processing Services, Inc.

JACKSONVILLE, Fla., Jan. 31, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, today announced a settlement agreement with the Attorney General of the State of Michigan that resolves the state's investigation surrounding the company's default operations, including former document preparation, verification, signing and notarization practices of certain operations.  Although the state of Michigan was referenced in the company's earlier announcement about its multi-state settlements, the settlement with Michigan was the result of an independent investigation and negotiation. 

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The settlement with Michigan includes a payment of $1.7 million, which was included in the company's earlier $127 million multi-state announcement.  Additionally, as part of the settlement with Michigan, LPS is reimbursing the state for $800,000 for attorney fees and costs. 

About Lender Processing Services

Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.

These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, the industry's leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries.

LPS is a Fortune 1000 company headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. For more information, please visit www.lpsvcs.com.

SOURCE Lender Processing Services, Inc.