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5 Steps to Better Records Management
In a recent case, a U.S. bankruptcy court dismissed a Bank of America (BofA) claim to enforce a foreclosure because the homeowners being sued claimed that BofA could not produce the original note on the property, issued by Countrywide Home Loans in 2006, two years prior to its acquisition by BofA.
When the lender finally produced the documents in question, it was too late. The court sided with the homeowners, citing many inconsistencies in BofA's records handling. As a result, the homeowners were relieved of responsibility for their $211,000 mortgage, freed of their debt and allowed to keep their home.
This should serve as a single reminder as to how pivotal proper document management can be. And in today's unstable mortgage environment, the management of your loan documents, both paper and digital, has never proved more paramount.
This brief paper outlines five common challenges associated with mortgage filing and offers up a five-step mortgage records management plan to help you save money and increase efficiency.