How Digitizing the Mortgage Process is Further Enabling Massive Fraud and Windfalls for the Banks

Banks should be intermediaries, not the principals in a transaction. If you write a check your bank is not buying the TV. Original documentation and actual facts clears everything up. But what happens if original documentation disappears like it did in the mortgage meltdown? We are left at the mercy (nonexistent) of the banks who can manipulate digital data which is kept, maintained and changed at will on systems controlled and accessed solely by the banks.

Like I said about Facebook in 2006, “Do we really want this?”

See https://www.housingwire.com/articles/49064-us-bank-unveils-digital-mortgage-experience

They are institutionalizing MERS and allowing individual banks to essentially start their own subroutines where they completely control the data out of the view of prying eyes — like regulators, borrowers and consumer watchdogs.

 

11 Responses

  1. Modern Slavery and Human Trafficking.

    Banks, treat people like compost worms who produce “green gold” – but must be kept blind and uninformed at all times about what happened with their homes, money and future.

    Home ownership in America is just a carrot for donkey to keep people working hard to provide windfalls on banks while think that they “own” something – which in fact is a very expensive rent with an undisclosed landlord who received your payment years ahead and desperately waits to kick you out from their property because they already rented it to hundreds of other DUMBkey.

    .

  2. For those who recall, or never knew, here is a link to a musical parody i did on this subject back in 2016… laugh and cry…

  3. MOSTLY DONT LEAVE YOUR HOME UNDER ANY CIRCUMSTANCES AND IF YOU HAVE TO LEAVE….RETURN AFTER IF THE BANKSTERS ARE NOT INCARCERATED FOR FRAUD THEN YOU WILL NOT BE FOR MERE TRESSPASSING IN YOUR OWN HOME

  4. Boycott bank home mortgages and property purchase………without us the average guy they lay blame on they will have to conjure up fake people to go with their fake money. Dont sign a thing and disconnect from the grid of slavery you perpetuate by even attending the court of clowns.

  5. Thats fine. No one will attempt to purchase a home under those conditions. They can keep all the money and all the properties and the human spirit and its unpredictable abilities and genuine good nature will still prevail against all of their crime, corruption and evil.

  6. AMEN! This is corruption on steroids.

  7. OMG – i read the attached article and it sound more like a drug-dealer’s sales pitch than anything else i’ve read before…

  8. The problem is not with digitizing the “origination” – it is with what happens AFTER that. What do servicers report? What do security underwriters do with the information? Trustee – for WHAT? Accounting for WHO?

    Some time ago – for a loan recorded to a trustee to a trust – five years after close of the trust, I contacted the Fed Res. They could not trace what happened BEFORE that recorded document. Whatever the servicer said was accepted – five years later – right or wrong. WRONG.
    Complete control.

    Neil is correct. Data is manipulated at will.

    In the end, fraud will NOT stimulate “growth” in any economy. Digitizing will only promote further fraud and concealment. And, who will have access to the digitizing? Not the borrower, and not even the Fed Res. Who will regulate? Deregulation is OK in certain agendas — but NOT this one. Trump has to get off this kick. It will not work. Did not work before.

    Thanks Neil.

  9. As for the Banks manipulating data… isn’t that what Robo-Signers did? Isn’t that what companies like LPS did? What’s the difference? The Courts don’t seem to care either way. On the topic of MERS… it shouldn’t be allowed (my opinion) to exist in the 1st place and if left to exist should have no standing to do or exhibit anything in any court of law anywhere for it is privately owned by affected parties who do have a real incentive (and a lousy extensive history of) to manipulate the data.

  10. This is just a fear factor posting as I knew Mortgage Broker’s who did everything digitally way back in 2004… and they were doing it before I ever met them. They’d do everything in their own computer and email the results… printing and scanning pages with a signature necessary. He’d access the Big 3 Credit Rating agencies online through his Brokerage account and email those results also. Actually, I believe that using computers to automatically verify a borrower’s position and even guarantee a “rate” would be a better situation than have a corruptible “human” (think yield spread premiums) do it.

  11. Boy how true this is for places like Colorado and smaller little towns like Montrose, Colorado where there has been an increase in foreclosures and still using MERS as a supposed true and valid Nominee/beneficiary and crooked lawfirms like Janeway Law are still around. Some say Janeway is funded by someone in Florida!!!! Could it actually be old David Stern???? Keep up the great work Neil. Semper Fi.

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