St Louis Mortgage Blog

Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”. Unlike its rivals, Wells Fargo has not halted foreclosures. 

The San Francisco-based bank said on Tuesday it was reviewing some pending cases, but it has maintained that it has checks and balances designed to prevent serious procedural lapses. 

In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank. 

Ms Moua, who was deposed as part of a foreclosure lawsuit in Palm Beach County, Florida, said that the only information she verified was whether her name and title appeared correctly, according to the document. 

Asked whether she checked the accuracy of the principal and interest that Wells claimed the borrower owed which was a crucial step in banks’ legal actions to repossess homes Ms. Moua said: “I do not.” 

Ms. Moua nevertheless signed affidavits that said she had “personal knowledge of the facts regarding the sums of money which are due and owing to Wells Fargo”.

The affidavits were used by the bank in foreclosure proceedings. 

Ms. Moua added that before reaching her desk, it was her understanding that the foreclosure documents had been reviewed by outside lawyers.

Wells declined to comment on the deposition but said its records show its “foreclosure affidavits are accurate”.

Click Here To Apply Online Today!