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.

Posted in Uncategorized |