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Posts Tagged ‘foreclosures’

Settleware E-Sign Solution Compliant with Bank of America

October 17th, 2012 No comments

 

We’re proud to announce that our pioneering e-Signature solution to the real estate and mortgage Industry is compliant with Bank of America rules and guidelines. For more specifics please review BOA’s guidelines:

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MERS Janis Smith on Washington Supreme Court Opinion

August 17th, 2012 No comments

FOR IMMEDIATE RELEASE

CONTACT:  Jason Lobo

Phone: 703.652.1660

Email: jasonl@mersinc.org

Statement from Janis L. Smith, Vice President for Corporate Communications

MERSCORP Holdings, Inc. on the Washington Supreme Court Decision

 Reston, Virginia, August 16, 2012 – Today’s Washington Supreme Court opinion held that if Mortgage Electronic Registration Systems, Inc. (MERS) is not the promissory note-holder, then it is not considered to be the beneficiary for purposes of non-judicial foreclosures in Washington.  The court does not find that deeds of trust that name MERS as beneficiary are invalid and states that there is nothing in this opinion that prevents the parties from proceeding with judicial foreclosures.  Nor does it prohibit MERS from acting as mortgagee in the land records or a lenders’ use of the MERS® System to track changes in mortgage servicing and ownership of the promissory note.

As we have maintained consistently, MERS is an agent of lenders and their successors and assigns.  In fact, the opinion written by Justice Tom Chambers states: “nothing in this opinion should be construed to suggest an agent cannot represent the holder of a note.  Washington law, and the deed of trust act itself, approves of the use of agents.”  The opinion also states: “MERS notes, correctly, that we have [the Court has] held ‘an agency relationship results from…consent by one person that another shall act on his behalf…’”

MERS ceased commencing foreclosures in its name over a year ago, so this opinion does not impact its current operations.  The opinion will, however, create confusion for Washington homeowners while the trial courts consider its effect on pending cases.  We remain confident that MERS’ role in the U.S. housing finance system is valid and will withstand legal challenges.

For descriptions of cases and other materials pertaining to MERS’ business model and role in U.S. housing, please visit www.mersinc.org

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MERSCORP Holdings, Inc. is a privately held corporation that owns and manages the MERS® System and all other MERS® products.  It is a member-based organization made up of thousands of lenders, servicers, sub-servicers, investors and government institutions.  Mortgage Electronic Registration Systems, Inc. (MERS) serves as the mortgagee in the land records for loans registered on the MERS® System, and is a nominee (or agent) for the owner of the promissory note.  The MERS® System is a national electronic database that tracks changes in mortgage servicing and beneficial ownership interests in residential mortgage loans on behalf of its members.

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Nation’s First ‘Robo-Signing’ Indictments

November 27th, 2011 2 comments

For a couple of Orange County (CA) residents Thanksgiving weekend just wasn’t what they were accustomed to. A Nevada grand jury indicted the couple in what appears to be the first criminal case filed connected to the nationwide ‘robo signing’ scandal. According to Jeff Collins, reporter with  the OC Register, ‘both are title officers who worked for the Jacksonville, FL mortgage servicing firm Lender Processing Service.”

The time is ripe for the  Lenders ‘C-Level’  Suite to step up, put a stake in the ground that these issues should never be tolerated – and move forward with an all-electronic and digital transaction – eliminating the associated fraud associated with human error, back-dating, white-out, cut and paste signatures, substitution of  false documents, etc. Secure ‘tamper-resistant’ document processing technology has been available for years – tested, live and certified (by all Industry participants/leadership-sans Lenders) - gurading against such ‘all-so-common’ instances of fraud and outrageous manipulation. The article further mentioned a Huffington Post quote from University of Minnesota law Professor Prentice Cox, a former Assistant State Attorney General, adding: ” When criminal prosecutions are done for robo-signing, I would hope the target of those prosecutions would be the people who designed the system and profited from it, not just the low level people doing what they were told.” Read More

 

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False Signatures Again-Is it Time For Lenders to Demand Secure e-Signatures?

March 18th, 2011 No comments

It’s hard to believe that after more than a decade of the passage the Federal E-Sign Act (June 2000) we are still reeling from headlines like this:

More foreclosure irregularities alleged in Maryland

Former law firm employee says over 1,000 deeds were recorded with false signatures
(Read Full Article)

You have to wonder what else it would take for the Industry to adopt secure and compliant electronic signatures, records, contracts, agreements and processing? ‘Robo-Signing’,  backdating and manipulative notarizations, people falsely ‘wet’ paper signing as imposters, etc.-astounding!

Now is the time for all good lenders, servicers and investors to reduce the ‘human error’ factor and protect all parties involved in one of the largest transactions anyone will make in their lifetime. identity verification, authentication, Tamper sealing, document integrity, secure e-Vaulting, etc.  No longer an experiment – the time is now to stop the Madness!

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Mortgage Mess: Documents Forged and Missing??

October 24th, 2010 No comments

“Prosecutors allege that corners may have been cut, signatures forged, documents backdated and/or lost……valuable Promissory notes missing, Robo Signers….” according to ‘Shredding the Dream‘ article appearing in Bloomberg  - You must be kidding , right?

Does this finally bring us to the tipping point to fully engage e-Mortgages?  As defined by the Mortgage Bankers Association (MBA) an “e-Mortgage is one that starts electronic and ends electronic”- read NO Human hands on a piece of paper. Settleware’s definition also includes ‘Compliance, Compliance, Compliance’! By integrating our secure e-Signature workflow into the mortgage process, including e-Disclosures, e-Notary, e-Recording, e-Vault and e-Notes, documents are prepared, reviewed and signed in a pure safe and secure environment. Once parties are authenticated documents are e-Signed , locked down/tamper proofed, and can no longer be manipulated. No missing documents, pages, signatures or initials and all information is 100% legible-No Faxing and No Scanning. Documents are then securely stored in an e-Vault along with a tamper resistant audit trail for safe harbor and accessible only to those with proper credentials and permissions.

Now is the time for all good men…..to remove the paper friction and eliminate these issues clouding the market – all parties would welcome this relevant technology, especially the courts!

Brought to you by: Settleware e-Signing

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