Could you answer my question regarding Home Mortgage signing? 2 Answers as of September 02, 2015

I work for a large mortgage company in collections/pre-loss mitigation. As part of a special project, I along with 50 or so other collectors are being titled "vice president, loan documentation" in order to have corporate authority to sign documents on behalf of the company. We are preparing assignments of the security instrument/mortgage from the company to "blank," as in we are preparing documents with the details of the current mortgage, but with no assignment information, and then signing these documents in presence of a notary. We have been told the documents will then be stored and if the mortgages are securitized, pooled, and sold to investors, this will make it easier when that time comes to record the assignments. I am wondering, are there any legal ramifications for myself I should be aware of? What information is there about assigning a mortgage to "blank" (i.e. I am signing a document saying the mortgage is being assigned from A to B, but B is blank information... which will be filled in if and when the mortgage is actually assigned).

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
KEYL ADR Services, LLC | Mark D. Keyl
I suggest you question that practice. I refer you to the Penn Square Bank case in the 80's, who followed that practice and nearly took down a giant Chicago Bank when it went under.
Answer Applies to: Mississippi
Replied: 9/2/2015
I know of no reason this is not legal under GA law. GA has some requirements for notaries to actually see the ink flow on the paper, but there are exceptions for property deeds. The notary does not need to even be present or see the signatures happen. But, that is limited to deeds, and is likely limited to GA. If you are not in GA, resubmit your question and identify your state. If there is a problem, it would be on the assignee. Banks are big boys, they can take care of them selves. You would have no personal liability, and it is not illegal.
Answer Applies to: Georgia
Replied: 9/2/2015
Click to View More Answers: