Posts Tagged: ‘Loan Documents’

Wells Fargo Document Processors Come Forward about ‘Foreclosure Mill’ Work Conditions

April 27, 2012 Posted by kingcade

A number of Wells Fargo employees have come forward claiming they were threatened by their employers to prepare sworn affidavits for home mortgages that were being foreclosed on. The employees went on to say they were threatened to meet daily quotas of 10 or 11 files, which was virtually impossible. The employees claimed if they did not meet quotas, they were first verbally warned, then would receive two written warnings, and ultimately lose their jobs if quota was not met. The employees said it was not only difficult to read through and sign between 10 and 11 affidavits per day, but that they were likely making errors due to the pressure to complete a certain amount.

The first document preparer who contacted news outlets with the story disclosed other concerns with the handling of paperwork and procedures at Wells Fargo. The Wells Fargo employee claimed that she witnessed many homeowners being denied loan modifications after just brief interviews. She went on to say that the office fax machine that received the personal information from homeowners, who were applying for help, went unattended for weeks at a time. She also reported that some homeowners’ homes were foreclosed on after not making payments on interest for as little as $1.18. However, the biggest concern to come from this scandal is the fact that loan processors are signing affidavits, in which they have sworn to have read and understood the entire document, and in most cases, they have not. Many of those who have signed off on the documents do not have proper training or experience to be signing off on these documents.

Some of the loan processors who came forward to tell their stories also submitted copies of e-mails they received from management, which showed signs that the managerial staff is more worried about the number of files pushed per day, than dealing with accuracy and details.

To read more on this story visit: http://economywatch.msnbc.msn.com/_news/2012/04/19/11269115-inside-the-foreclosure-factory-theyre-working-overtime?lite

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