Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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"The better result comes when you’re in a workout situation that is proactive,” noted Mr. Morrison. “The servicer needs to amass a lot of information to talk with the borrower. You need to generate a complete net worth, a credit picture, etc. to get a full picture of the borrower. You want to do this without requiring much from the borrower, too. This all needs to happen in seconds."

Yeah, sure. They already "amass information". It allows them to figure out just how much money they can bilk out of a borrower before throwing the borrower into the foreclosure mill.

It seems to me after reading all these borrower horror stories that those with fewer ready assets go to foreclosure sooner. Those with assets are treated to a fake "workout program" during which they pay out all their available assets to the servicer. Once that is done, they wind up in foreclosure too.

Servicers know how far they can go to maximize their own profits. Borrowers well-being doesn't even enter into the picture; servicer profits reign supreme!

I could be wrong so this is MHO.
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Good article, Ann.

What I found interesting was the service providers using one of these
models can allow customers (originators and MSF'raudsters the opportunity
to recreate documents even after the loan has closed.  It appears they
just might have your signature that can be applied to the new documents and nobody is ever going to know the difference.

How convenient.

I can imagine all manner of things that could be changed after the documents have been stored.

Be sure to retain your copy of the mortgage you signed.  If you feel
something is wrong with your servicer's behavior, ask for a copy of
your loan documents and compare them.  Tell them you can't locate
your copy.  Then if something is wrong or different...oh, I found my copy thank you.  Now I have some questions for you to answer.


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Tony Soprano. The ending of that soap was suffice, to say the least.

This entire scheme makes me sick.

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