It's been three days since official start of fall and two years since the official fall of Lehman Brothers.Only now, though, it seems that the question of "how did this happen?" is finally being answered.
The heat is hammering down on the foreclosure and mortgage industries, as it was just revealed this week that thousands of mortgage approvals were shuffled through and never checked. Many more were forged.
As the paperwork piled up, no one bothered checking to make sure that "Bogus Assignee" was a real person (yes, this actually happened) before approving them for a $500,000.00 mortgage. Others simply signed off on forms using a title they did not hold.
Hopefully, it's a lesson learned. Financial dealings are too important to be bogged down by mounds of paper that can easily be manipulated, lost, or forged.
DotLoop finds all of this fascinating, if only because it speaks so loudly about the need for transparent and accurate documentation. With DotLoop, not only is every change documented and attached to a form's history, but changes have to first be approved by a client before a form can be signed.
Who knew verification and approval were such novel ideas?
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