Iowa gets $1.1 million in 'robo-signing' deal

Iowa gets $1.1 million as part of $121M settlement involving improper foreclosure conduct

Associated Press

DES MOINES, Iowa (AP) -- Iowa has been awarded $1.1 million as part of a national settlement involving improper foreclosure conduct by a mortgage processing company.

Attorney General Tom Miller announced Thursday that Iowa is one of dozens of states that will receive some of the $121 million settlement from Lender Processing Services and its subsidiaries. Miller filed a consumer fraud petition in Polk County District Court alleging improper conduct.

The states argued that the Florida company "robo-signed" foreclosure documents. The practice describes banks that automatically sign off on foreclosures without properly reviewing documents.

The company will be required to reform its business practices under the settlement.

Rates

View Comments (0)