Are you aware of the Robo-signing that shook the property market not too long ago? If any employee of any mortgage provider happens to sign any documentation before extensivelyreading through them first, it can be considered Robo-signing. Employees of these kind of organisations are obligated to review the specifics of every case they are assigned. When they do not they are really considered to be rob-signing documents which could have serious ramifications for the institution guilty of this.
Over the last few years, robo-signing has been detected in a few leading mortgage lending companies. Two years ago allegations were made that some of the largest banks in America as well as the mortgage provider GMAC were guilty of Robo-signing. Citi, Wells Fargo, Ally and JP Morgan Chase ended up being banks that were implicated during the scandal. It came to light these banks had mishandled numerous foreclosure applications. This allowed the federal government to go over the contracts of those banks with a fine-tooth comb. The press also publicly scrutinised every detail that emerged, making life extremely difficult for these organizations. A lot of mortgage foreclosure cases being processed by these companies at that time had to be halted as more facts came to the surface that a large number of cases had actually been robo-signed.
The courts had to review many of these cases which were allegedly robo-signed. Under close examination many of these cases were found having absent paperwork and some had partial applications. Information on some of the documentation was even being falsified in order to push applications through faster.
One of the leading issues revealed in investigations was the fact that low level administrators who did not have the authority, had been signing most of the documents. In some instances, the signing was performed by temporary staff members who actually had no idea about mortgage procedures. Hundreds and in many cases thousands of foreclosure documents were simply being signed by completely under-qualified personnel each day. That is a prime example of robo-signing; when someone who lacks the required skills or understanding to interpret the documentation is assigned to sit and sign away all day long.
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