- An employee of a mortgage servicing company that signs foreclosure documents without reviewing them. Rather than actually reviewing the individual details of each case, robo-signers assume the paperwork to be correct and sign it automatically, like robots.
In the third and fourth quarters of 2010, a robo-signing scandal emerged in the
involving GMAC Mortgage and a number of major U.S banks. Banks had to halt thousands of foreclosures in numerous states when it became known that the paperwork was illegitimate because the signers had not actually reviewed it. While some robo-signers were middle managers, others were temporary workers with virtually no understanding of the work they were doing. United States
Investment dictionary. Academic. 2012.
Look at other dictionaries:
robo-signer — n. A person who signs a legal document without reading it or understanding the document s contents. Also: robosigner. Example Citations: Joining her were Michael Redman, whose foreclosure blog drew the White House into the controversy, and Thomas … New words
robocall — n. An automated phone call that plays a recorded message. Also: robo call. Example Citations: Obama also recorded an automated robocall to urge Massachusetts voters to support the Democrat, and he cut a Web video with the same message. Janet Hook … New words
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appraisal mill — n. An unscrupulous company that provides misleading or erroneous appraisals, particularly for real estate. Example Citations: Still, some experts say the system needs an overhaul, from the appraisal mills and mortgage mills that started the… … New words
foreclosure mill — n. A law firm that processes foreclosures perfunctorily and without due process. Example Citations: The Florida Attorney General s Office calls these firms foreclosure mills because of the large volume of cases they handle. Critics say the firms… … New words
homedebtor — n. A homeowner with an extremely large mortgage, particularly one that he or she is unlikely to ever pay off. Example Citations: In these places, accepting a government bailout that pays them, say, 90 percent of the value of the house to keep… … New words
jingle mail — n. The practice of abandoning one s house and mailing the keys back to the creditor because the mortgage is worth more than the house itself. jingle mailer n. Example Citations: Making it harder for people to discharge their credit card debts has … New words
liar loan — n. A loan or mortgage provided without requiring documentation from the borrower. Example Citations: Last year almost forty per cent of subprime borrowers were able to get liar loans mortgages that borrowers can get simply by stating their income … New words