Deposition discussing surrogate signers / Naked Capitalism

Deposition of Cheryl Thomas, formerly an employee at DocX, where she describes the process whereby DocX mass produced loan related documents.  At several points in the deposition she describes a process where everything was regulated by time limits and all work was rushed.  People signing documents and notaries never reviewed documents being signed because of time constraints, and Thomas estimates that if 500 documents were produced 20 would come back with missing signatures due to the rushed nature of the work.

The deposition also briefly explores the practice of having DocX employees sign as officers of the various client banks.

The process used by DocX included standard operating procedures that often prevented the notary from being present in the room when documents were signed, and included the open use of surrogate signers.  Surrogate signers were hired as temporary employees for the sole purpose of signing other employees names to legal documents.

Ms. Thomas testifies that she questioned both practices–notaries not being allowed in the room while documents were signed and the use of surrogate signers–but was told the company knew what it was doing and that she should just do her job.

The complete transcript of the March 2011 deposition of Cheryl Thomas is included on the page linked below:

See additional post discussing criminal prosecution of DocX executive below:

One thought on “Deposition discussing surrogate signers / Naked Capitalism

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s