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State and Nation Business

Counties to split $3.3M robo-signing settlement

CHICAGO – Illinois’ 102 county recorders will split $3.3 million from the settlement of a national mortgage lawsuit.

Attorney General Lisa Madigan announced the disbursement of funds on Wednesday.

Madigan and 45 other attorneys general reached the settlement with Florida-based Lender Processing Services Inc. in January.

The attorneys general alleged the company used widespread “robo-signing” of mortgage documents to service loans for homeowners at risk of foreclosure. They said an LPS subsidiary took part in “surrogate signing,” in which an unauthorized person signed documents in someone else’s name.

Madigan says many of those documents were filed in county recorders offices. She says the money will help recorders ensure they are maintaining accurate records.

Madigan says the companies “demonstrated an utter disregard for accuracy and fairness.”

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