Is it just me, or does anyone else not see potential issue with having a robot sign foreclosure documents? I think that all the banks and lenders need to be taking a closer look at their process and who is overseeing these things. While it is hard to manage everyone in a large organization, it is imperative that a large organization knows how to make it run like a well-oiled machine.
Having the proper supervisory people in place makes the world go round and having employees that contribute make it all worthwhile and a lot easier to endure. I will say that most companies have it all wrong, and want to get the best around for the least amount of money. When banks and lenders hire these people, they should most certainly get their view on money, and how it works, along with how they wish to see other people become more successful financially. If they don’t share that vision, they have no business working in finance.
Once investors begin to lose confidence, business is down which makes matters worse and properties get sold for a lot less money and less frequently. There is no great mystery behind what is going on, but the only mystery is regarding who will take a stand for what is right? The financial industry has suffered some staggering losses and will continue to do so if no one takes a stand.
-Mayer Dallal
Showing posts with label foreclosure ratings. Show all posts
Showing posts with label foreclosure ratings. Show all posts
Sunday, October 31, 2010
Is All Well That Ends With Wells Fargo?
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
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
Saturday, October 30, 2010
The Foreclosure Moratorium Mess
The moratorium on foreclosures is a horrible idea and for many reasons. Look, I don’t have all the answers, but I can tell you what I do know from experience and you can decide for yourselves.
For starters, it doesn’t really resolve the real issue which is related to many things. Many homes went into foreclosures simply because they were underwater on their mortgages. However, joblessness is a huge contributing factor. Much of what is happening could be corrected with jobs abounding and mortgages being modified to truly put a borrower in a better position. The idea behind the modification is to get the borrower’s payments within a reasonable percentage of their income along with their other debts. Many families still won’t qualify, but there is no way to know for sure unless we try it.
The other big issue here is that the reports, facts and figures aren’t going to be true and genuine. They will only make things worse by not giving the facts on what is really happening. Those cases that have been filed won’t go up for modifications, and can’t be listed for short sales until everything has been reviewed. The only real good that could come from this is that the homeowner gets a little more time in their home until they figure out where they can go. This moratorium prevents the supply and demand, so where do we go from here?
-Mayer Dallal
For starters, it doesn’t really resolve the real issue which is related to many things. Many homes went into foreclosures simply because they were underwater on their mortgages. However, joblessness is a huge contributing factor. Much of what is happening could be corrected with jobs abounding and mortgages being modified to truly put a borrower in a better position. The idea behind the modification is to get the borrower’s payments within a reasonable percentage of their income along with their other debts. Many families still won’t qualify, but there is no way to know for sure unless we try it.
The other big issue here is that the reports, facts and figures aren’t going to be true and genuine. They will only make things worse by not giving the facts on what is really happening. Those cases that have been filed won’t go up for modifications, and can’t be listed for short sales until everything has been reviewed. The only real good that could come from this is that the homeowner gets a little more time in their home until they figure out where they can go. This moratorium prevents the supply and demand, so where do we go from here?
-Mayer Dallal
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