What Is Robo-Signing and How Does It Affect My Mortgage?
Robo-signing is a practice of signing mortgage documents without verifying their accuracy. It is seen as a way to speed up the foreclosure process by signing off on multiple documents at once. While this can be beneficial for lenders, it can have serious consequences for homeowners who may be unaware of what’s happening and are left with no protection from errors or fraud.
When it comes to mortgages, robo-signing can mean that loan information isn’t verified properly, paperwork isn’t completed correctly and important forms are not filled out in full. This could cause problems down the line if the borrower needs to refinance or modify their loan, since any mistakes made during the robo-signing process could render these efforts invalid.
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