Mortgage Executive from DocX Pleads Guilty in Two Robo-Signing Cases
A former mortgage executive pleads guilty to robo-signing charges.
Former president of DocX LLC, Lorraine Brown, earned millions of dollars by coaching employees to falsify signatures on over one million mortgage documents in order to speed up the signing process. These fraudulently signed foreclosure documents helped her boost her company’s profits. During the height of the fraud, between 2003 and 2009, the firm earned revenues of about $60 million.
Brown pled guilty to criminal charges involving over 1 million fraudulently signed mortgage documents. Specifically, she pled guilty to one count of conspiracy to commit mail and wire fraud. Sentencing has been scheduled for February 19th but she is expected to receive up to five years in prison and a $250,000 fine, or twice the gross gain or loss from the crime.
Missouri officials were also investigating Brown for DocX’s alleged robo-signing practices. Brown recently reached a plea deal for these charged and pled guilty to one count felony forgery, one count perjury and one misdemeanor count of making a false declaration.
The Missouri Attorney General, Chris Kostner, called the robo-signing practices by DocX “the worst in the country. Surrogate signing crosses the threshold into criminal activity. This agreement brings to justice the person most responsible for these activities and upholds the principle that when you sign your name to a legal document, it matters.”
The Missouri Attorney General Chris Kostner explained in a statement that Brown “will be sentenced to a term of imprisonment of not less than two years and not to exceed three years in the Missouri Department of Corrections.”
You can read the original article here:
- New-home sales jump in April May 26, 2015
- NNA clears up questions about the new Signing Professionals Workgroup standards January 10, 2014
- What to Expect from Housing This Year January 7, 2014
- What’s Next for the Housing Market? January 3, 2014
- CFPB Starts to Flex Its Muscles December 31, 2013