Lender Processing Services to pay $6 million to Nevada in settlement
Nevada has reached a $6 million settlement with Lender Processing Services Inc. that resolves the state’s civil action alleging the firm violated the state’s deceptive trade practices act, the state attorney general announced Friday.
The settlement also resolves all other outstanding issues or claims related to the litigation, Catherine Cortez Masto said in a statement. Lender Processing Services is now known as Black Knight Financial Services.
Nevada originally decided not to join a multi-state settlement with LPS signed in 2011 with 49 other states. LPS was recently acquired by Fidelity National Financial Inc., which allowed for negotiations to begin again, the attorney general said.
Under the terms, LPS will pay Nevada $5.5 million and $500,000 in attorney fees and costs. The company will also review all documents executed between Jan. 1, 2008 and Dec.31, 2010 to determine what documents, if any, need to be re-executed or corrected.
The attorney general said that Nevada would receive the nation’s fourth-highest settlement, after California, Florida and Texas.
“The provisions contained in the settlement will ensure integrity in the foreclosure process in Nevada,” Masto said in the statement.
Messages left with Black Knight Financial Services were not returned Friday.
Nevada homeowners can call 866-854-8935 to request review or correction of any documents executed by LPS.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.