Wells Fargo decided it might be best to take a closer look at its foreclosure process which was a smart move. Banks are being examined closely in the wake of a time when no one is able to make ends meet, or is struggling too. Banks are also just filing papers quickly without much review. So, with all the review Wells Fargo thought it was a good idea to go ahead and analyze their processes a little bit further.
Affidavits must be signed and finalized by someone before the foreclosure becomes official. Many large companies pay someone a nice salary to do this job and review the papers before they are signed. With this being said, Wells Fargo states that they have the proper processes in place to make sure that the right papers are signed by the right people and that no stones goes unturned.
This process can only be run from the company’s data, meaning the figures on the mortgages and the database showing who is on the list to be processed etc. This is simply a part of quality control, and is done to ensure the accuracy of all paperwork. The story of a man getting his home foreclosed on when he didn’t owe the bank anything is down- right hideous. Think about it; no matter how much you were being paid to sign off on foreclosure documents, would you not review those things to make sure they are correct? Would you want to be out on the street?
-Mayer Dallal
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