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Closed for Business
In April 2010, Lender Processing Services conducted an internal investigation of DocX LLC, an Alpharetta, Ga., unit of for the vendor, which "identified a business process that caused an error in notarization of certain documents, some of which were used in foreclosure proceedings in various jurisdictions around the country." The unit was shut down at this time upon evidence of possible illegal activity.
Signing the Dotted Line
The Federal Reserve, the Office of the Comptroller of the Currency and Office of Thrift Supervision made LPS sign a cease and desist order in April 2011 abiding to independent foreclosure reviews. LPS was one of two vendors as well as 14 servicers including Bank of America, Chase, Citibank, CitiFinancial, Citi Mortgage, Country-Wide, EMC, Freedom Financial, GMAC Mortgage, HFC, HSBC, IndyMac Mortgage Services, MetLife Bank, National City, PNC, Sovereign Bank, Sun-Trust Mortgage, U.S. Bank, Wachovia, Washington Mutual, and Wells Fargo who had to sign this order.