I did a search and found this:
https://www.tasanet.com/Knowledge-Center/Articles/ArtMID/477/ArticleID/329634/Foreclosure-Litigation-Missing-Misplaced-Mortgage-File-Documents-Robo-Signers
I recall that when I paid off my mortgage, the actual note I signed many years ago was returned to me.
I've never worked in a financial institution, but when I was following the development of electronic mortgages, I recalled a big concern that the sale of a mortgage from one lender to another was accompanied by a physical transfer of the note, and this physical transfer was an essential part of the sale of the mortgage. To do the transfer electronically it was necessary to set up an impartial party with an electronic database that always showed, at every instant, the one and only entity that was in control of the electronic note. |