Jeffrey Stephan says his current title is team leader of the document execution team for GMAC. He estimates that he signs between 8,000 and 12,000 documents monthly. He supervises a team of 14 employees.
Mortgage Assignments and Affidavits in support of Summary Judgment signed by Stephan have been used by GMAC, FANNIE & FREDDIE in over 100,000 foreclosure cases.
“LPS” in the last line refers to Lender Processing Services in Jacksonville, Florida.
In a previous deposition, Stephan stated that the notaries who notarize his signature are often not actually present in the room with him when he signs documents.
Despite all of the mounting evidence and admissions, Jeffrey Stephan, Scott Anderson, Bryan Bly, Linda Green, Erica Johnson-Seck, Christina Trowbridge and the other “bank officers” employed by the companies serving the securitized mortgage-backed trust industry will be back at their desks Monday morning, pens (or rubber stamps) in hand.
Page 16-17, Lines 17-25, 2-11
Q: What training have you received?
A: I received side-by-side training from another team leader to instruct me on how to review the documents when they are received from my staff.
Q: Who was that person?
A: That person, at the time, I believe, was a gentleman named Kenneth Ugwuadu. U-G-W-U-A-D-U. He is no longer with GMAC.
Q: How long did that training last?
A: Three days.
Q: Were there any written or printed training materials or manuals used as apart of that training?
Page 20, Lines 19-24:
Q.: In your capacity as the team leader for the document execution team, do you have any role in the foreclosure process, other than the signing of documents?
Page 54, Lines 12-25:
Q: When you sign a summary judgment affidavit, do you check to see if all of the exhibits are attached to it?
Q. Does anybody in your department check to see if all the exhibits are attached to it at the time that it is presented to you for your signature?
Q: When you sign a summary judgment affidavit, do you inspect any exhibits attached to it?
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Q: Is it fair to say when you sign a summary judgment affidavit, you don’t know what information it contains, other than the figures that are set forth within it?
A: Other than the borrower’s name, and if I have signing authority for that entity, that is correct.
Page 69, Lines 2-20:
Q: Mr. Stephan, referring you again to the bottom line on Page 1 of Exhibit 1, it states: I have under my custody and control, the records relating to the mortgage transaction referenced below.
It’s correct, is it not, that you did not have in your custody any records of GMAC at the time that you signed a summary judgment affidavit?
A: I have the electronic record. I do not have papers.
Q: You have access to a computer, is that what you mean?
A: Yes. (objections omitted)
Page 45, Lines 2-11:
Q: Mr. Stephan, do you recall testifying in your Florida deposition in December with regard to your employees, and you said, quote, they do not go into the system and verify that the information is accurate?
A: That is correct.
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Q: Do your employees have any direct communication with outside counsel?
A: Yes, through the LPS System.
Full deposition transcript here