Nevada has reached a settlement with Lender Processing Services, Inc. (“LPS”), now known as Black Knight Financial Services, over allegations of the alleged “robosigning” of mortgage documents. The settlement resolves the state’s civil action alleging that LPS violated the Nevada Deceptive Trade Practices Act, and all other outstanding issues or claims related to the litigation.
“The provisions contained in the settlement will ensure integrity in the foreclosure process in Nevada. We acknowledge Fidelity National Financial’s commitment and leadership in this role,” said Attorney General Catherine Cortez Masto.
Nevada originally elected not to join a multi-state settlement agreement LPS previously signed with the other 49 states. Under the settlement with Nevada, LPS will pay Nevada approximately $5.5 million and $500,000 in attorney’s fees and costs.
In a statement, Masto said that when measured against the multi-state settlement, Nevada will be receiving the fourth highest settlement in the nation behind California, Florida, and Texas. In addition to the monetary provisions, the agreement also provides for permanent injunctive relief and assurances of continued compliance with Nevada law.
Pursuant to the agreement, LPS will undertake a review of documents executed between January 1, 2008 and December 31, 2010 to determine what documents, if any, need to be re-executed or corrected. Periodic reports of this review and modification of documents will also be made to the Nevada Attorney General. LPS has set-up a toll-free number, 1-866-854-8935, which Nevadan homeowners can call and request review and correction of any documents executed by LPS.
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