Detroyed and Misfiled Paper…The Next Wave
Posted on24 March 2011. Tags: assignment of mortgage, bifurcate, copy, counterfeit, deed of trust, deeds, deliberately eliminated, destroyed, esigning, evaulting, fabricated, florida, foreclosure fraud, fraudulent documents, Kelly Purcell, lost, lost note, mba, MERS, misfiled, mom, mortgage, mortgage bankers association, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., negotiable instrument, note, notes, promissory note, reproduction, securitization, software, Supreme Court, Wave eSignSystems
Before you go down to the “New Device” take a look back when THE FLORIDA BANKER’S ASSOCIATION ADMITTED THAT NOTES ARE DESTROYED:
This is a direct quote from the Florida Banker’s Association Comments to the Supreme Court of Florida files September 30, 2009:
“It is a reality of commerce that virtually all paper documents related to a note and mortgage are converted to electronic files almost immediately after the loan is closed. Individual loans, as electronic data, are compiled into portfolios which are transferred to the secondary market, frequently as mortgage-backed securities.
The reason “many firms file lost note counts as a standard alternative pleading in the complaint” is because the physical document was deliberately eliminated to avoid confusion immediately upon its conversion to an electronic file. See State Street Bank and Trust Company v. Lord, 851 So. 2d 790 (Fla. 4th DCA 2003). Electronic storage is almost universally acknowledged as safer, more efficient and less expensive than maintaining the originals in hard copy, which bears the concomitant costs of physical indexing, archiving and maintaining security. It is a standard in the industry and becoming the benchmark of modern efficiency across the spectrum of commerce—including the court system.”
Now if there is no issues surrounding what everyone is shouting from their roof tops, then why integrate a new software that was suppose to have been implemented already to “Improves Efficiency & Transparency of Electronic Mortgage Transactions” within MERS itself?
THEY KNOW THEY HAVE A PROBLEM!
Now from SYS-CON on SmartSAFE
“During the foreclosure crisis of the last few years we saw many instances where the original and subsequent paperwork was lost, destroyed or misfiled when loans were bought and sold,” commented Kelly Purcell, Executive Vice President for Wave’s eSignSystems division. “Mortgages are sold several times throughout the life of a loan, and electronic mortgages address the problem of the ‘lost note,’ while improving efficiency in the process.”
This will debut during next week’s MBA National Technology in Mortgage Banking Conference and Expo 2011 (at the Westin Diplomat Resort & Spa in Ft. Lauderdale, Fla.).
Will this be the new system that will eventually take over MERS as MOM?
This one is both “Smart & Safe”