I was a robo-signer

NEW YORK (CNNMoney.com) — It only took him a second to sign each foreclosure document.

That’s how good Tam Doan got at his job in Bank of America’s pre-sale foreclosure department in Southern California.

Of course, he didn’t have time to actually read the paperwork he was signing, he said, and in some cases, he didn’t even know what documents he was putting his pen to.

“I had no idea what I was signing,” said Doan. “Either you were in or you were out.” …

“With the volume coming in, we were getting inundated,” he said, noting his workday often lasted from 7 a.m. to 8 p.m. “We were signing documents right and left.” …

Doan dealt with several types of documents and did varying levels of verification. He did not handle the paperwork involving the notes, he said.

The paperwork he robo-signed most often were the notices to delinquent borrowers that the servicer was proceeding to foreclosure. By signing that document, he was affirming that the bank had reviewed the loan and it didn’t qualify for a modification. But, he said, the reality was he had no idea whether Bank of America had really tried to save the borrower’s home.

“We had no knowledge of whether the foreclosure could proceed or couldn’t, but regardless, we signed the documents to get these foreclosures out of the way,” he said, noting that he assumed another department had checked that the review was done.

In his final weeks on the job, a notary routinely left him stacks of 20-page files, each one with a tab indicating where he needed to sign or initial. He had no idea what those documents were. …

The servicer’s attorneys would also send him court documents he needed to review and sign. He often checked the simpler items, such as the unpaid balance or loan maturity date. But he said he didn’t have time to get into the more complex issues, such as checking the interest rate on certain adjustable rate mortgages.