Sentence examples for loan documentation from inspiring English sources
At Wells Fargo, now the nation's largest mortgage servicer and originator, employees told the inspector general's office that the company's management had assigned them bogus titles, including "vice president of loan documentation," even though they had no training in document review.
Court documents reportedly show that Moua, a vice-president of loan documentation for Wells Fargo, said she had signed as many as 500 foreclosure papers a day.
Attorneys general in all 50 states are investigating foreclosure improprieties, which include forged signatures on legal documents and other dubious practices meant to patch up holes in loan documentation.
Big investors are already rattling the cage on the issue of inadequate loan documentation.
>Lending Issues - Loan Documentation, Compliance, Modifications, Residential, Commercial, Factoring, Equipment, Franchise.
A glut of foreclosures, stalled in recent months by revelations of improper loan documentation, is further depressing the market.
The report details how sales-pressured loan originators cut and pasted information from old files onto new files to complete loan documentations and how securitizations were stuffed with badly underwritten mortgages and sold to unwitting investors.
Ms. Williams recommended keeping any documentation related to loans, including the original loan document and statements, until you have paid off the loan.
Cons: modest loans, various documentation (references, financial statements, business plan etc). required.
A recent report by analysts at Credit Suisse estimates that 80% of subprime loans made in 2006 included low "teaser" rates; almost eight out of ten Alt-A loans were "liar loans", based on little or no documentation; loan-to-value ratios were often over 90% with a second piggy-bank loan routinely thrown in.
Nearly half the loans on its books were "low documentation loans" that required less evidence of the borrower's ability to pay than did conventional loans.
