« Robosigning 2.0: Mortgage Foreclosure File Reviewers | Main | Bankruptcy Filings Continue to Dip Substantially »

More on Foreclosure File Reviewers

posted by Adam Levitin

A simple google search for "foreclosure file reviewer" turns up a bunch of interesting things, including who is searching, what Level 2 means (as opposed to Level 1 or Level 3) and the involvement of Promontory, a financial services consulting firm headed by a former Comptroller of the Currency:

(1) The first ad, for Newark, was almost assuredly for BoA.  Here's another one for Newark (this time for Level 3--that's big time), and it references BAC proprietary mods guidelines.  That wouldn't be relevant unless it's work for BAC.

What's particularly interesting about this ad is that it references "Promontory/OCC guidelines." Promontory is a financial services consulting firm headed by former Comptroller of the Currency Eugene Ludwig. It's unclear to me why Promontory, rather than OCC alone should be making the guidelines here. Is this a matter of OCC outsourcing regulation or of the banks hiring Promontory to tell them what they should be doing?

Given Promontory's previous consulting gigs, including Countrywide, their involvement seems rife with potential conflicts. To the extent that the response to the conflicts problem is that it isn't possible to find non-conflicted parties with financial services, that's not really a response. It's just a statement of what a sad state our financial regulatory community is in. Yes, set a thief to catch a thief and all that, but if you can't find non-conflicted parties, that's a pretty strong indication of a fundamental level of capture in an industry.  

(2) A position in Jacksonville, Florida. LPS perhaps?  BoA does have some operations there, I believe. 

(3) A bunch of positions in Plano, Texas (Level 1, Level 2, Level 3, or Senior). Is that American Home?  

(4) Another Foreclosure File Reviewer Level 2.  This one requires 3 years of servicing experience and 1 year of foreclosure experience.  Anyone know which servicer is based in Westlake, CA?  I think BoA has some operations in that area. 

(5) Finally one that seems to require some legal background.  This is for a Foreclosure File Reviewer Level 3.  The ad doesn't state anything explicitly about legal training, but it is on a legal jobs website. Of course, not every legal job is for someone with a law degree.  And given that this site is also carrying an ad for Foreclosure File Reviewer Level 2 (1 year of experience), my sense is that even Level 3 is not a legal job.  This one does require 5 years of servicing/default experience and the ability to deal with NPV calculations. Hmm.  Who has an east side Cleveland location? National City/PNC?

Comments

So, the $64,000 question is, Professor Levitin....are you going to apply? ;-)

I also wanted to mention that several months ago, I noticed a lot of robo-lawyerish-sounding jobs advertised on Craigslist for the Charlotte NC area. They were posted on numerous cities' Craiglists, but they were all for jobs in Charlotte. They were being filled through a temp legal agency that was being run by a former partner of one of the lender law firms who specialized in and had published a paper on the topic of "electronic discovery."

I will check my notes and see if I still have the info. If so, I will post it here.

Okay--I just tried posting all of my notes and I think they might have been moderated out due to web addresses and such. Here is a cleaner version of my notes from April of this year:


Remember how the nice young man (no snark intended--he seemed very sweet) interviewed on the Docx 60 Minutes segment was embarrassed to admit that he was paid only $12 per hour? I wonder how these young ATTORNEYS are going to feel in a couple years when they are interviewed by 60 Minutes and have to admit that they were only paid $20 per hour.

See this ad from Atlanta's Craigslist, one of many similar ads that I have been noticing on Craigslist for quite some time:

Review, Fortune 500 Co (Charlotte, NC)
Date: 2011-04-03, 6:07PM EDT
Reply to: see below

Our client, for which we are its exclusive staffing agency, seeks another 50 attorneys, JDs and LLMs. 5 positions are for Team Leads, with the remaining 45 being attorneys, law school graduates or those with LLMs. The hours of this project are expected to be between 50 and 60 per week.

No experience is necessary for the non-Team Lead positions, although any litigation or document review experience is helpful.

Admission to the Bar of ANY State is required for the Team Lead positions, as well as prior team lead/project management experience or prior experience as a litigation associate/partner with a prominent firm. Our client will also consider attorneys with substantial document review experience, particularly concerning issues of privilege and/or the creation of privilege logs.

The Team Lead positions pay $30 per hour. The non-team lead positions pay $20 per hour for straight-time and $30 for overtime, which will be substantial.

Please refer to the "Charlotte Project" and email your resume to BOTH sbosi@b3legaldotcom AND lmaxfield@b3legaldotcom.

IF YOU ARE COMING FROM OUT-OF-TOWN OR KNOW ANYONE WHO MIGHT BE, housing costs will largely be provided, leaving a de minimas amount for out-of-towners.

ALSO, a generous referral fee is provided for anyone new you refer to us who works on the project.

The relevance of my posting the following is to pose the question- will the "audits" at whatever paygrade level, have access to required support foundational information to carry out there "purported" functions.
Here Onewest Bank is relying on a robo signed document- and it was FDIC FOIA that called them to task- otherwise they would have stolen another house.

Over at Living Lies- my "story" was recently posted. It speaks for itself.
I encourage the blog community to look at the scribd document
where a Judge here in CA who "gets it" and sanctions Onewest Bank (a servicer) for not being a real party in interest. How will low level "auditors" have access to FDIC transfer information and moreover understand it?
________________________________________________
I have posted the following document on Scribd:

http://www.scribd.com/doc/67508709

(Onewest Bank Gets a Spanking)

Onewest Bank filed a motion to compel responses to Discovery against me.
Thanks to the Info on Neils site- I knew Onewest bank was not
a real party in interest. I refused to respond to their bogus discovery.
I had to educate my Probate Attorney as to the issues.
It helped that I obtained t a email FOIA response from the FDIC that indicated their sale of the assests of INDYMAC bank in March 2009 did not include the “loan” that has been under litigation now for 25 months.
Instead of OWB attorneys getting their requested $2,300 in sanctions against me, as the Personal Representative of My 88 year old dads Estate- THe Judge “got it” and sanction them for $750.
For the record- this California Judge relied on C.C.P 387(A) to based
his decision to sanction the Onewest Bank “tall building” Attorney(s)
I hope this info will help others fighting the good fight here in California.
Stay Strong,
Steven Mark Rosenberg, MRED
srosenberg@alumni.usc.edu

As others have said these reviews will be nothing more than fraud covering up prior fraud.

I have in my pile of 6000 pieces of paper one such document which effectively dismissed my COC complaint SPONSORED by STATE SENATOR KAY BAILEY. the RUN around isnt even funny any more ADAM. AS a SWF who is getting more and more involved with life in general and SUSTAINABILITY as a SOLUTION. I can tell you the DOCUMENT itsself I have is almost slanderous, doesnt adress any of the issues of my disputed debt, and makes me out to be a slacker. HOWEVER, should any shoe drop on me I have 6000 organized pieces of CRAP MIASMA and ABUSE of STATE, FEDERAL and Constitutional laws, SEC issues, as well as out and out forgery. IVE run through communication consistently and have over 60 people saying one thing and then another and then another, I dont give a crap anymore THREATS COERSION and GREED.

I even got a LADY fired from HOPE now who worked with me for 3 years and BECAME AWARE that we are ALL PUPPETS. nothing works and SOMEDAY MAYBE
a few concerned people will change the world. I recently became aware of a man running for congress in TX Steve Susman. Unlike the 3 senators who lip serviced me right out the door

i believe you would find interesting. Unlike Rick PERRY one of the FAKEST of the FAKE TEXANS he seems to BE A BREATH OF FRESH AIR. God bless us all. IM probably moving to Canada. At least they have hay there.

Omitted from every request is a detailed payment history and a VERY fraudulent filing in TARRANY county tx. Texas wont save me. I saved myself and thank you sir for being straight up.

The comments to this entry are closed.

Contributors

Current Guests

Follow Us On Twitter

Like Us on Facebook

  • Like Us on Facebook

    By "Liking" us on Facebook, you will receive excerpts of our posts in your Facebook news feed. (If you change your mind, you can undo it later.) Note that this is different than "Liking" our Facebook page, although a "Like" in either place will get you Credit Slips post on your Facebook news feed.

News Feed

Categories

Bankr-L

  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

OTHER STUFF