Fannie Mae Fraud and Abuse Exposed
Fannie Mae reported this week it had fired more than 100 employees for unethical conduct, including facilitation of fraud. Expect more such news as the truth emerges about this organization’s activities over the past half-decade.
At the beginning of the decade, under the protective camouflage of its federal conservatorship and Covid-19, Fannie began eliminating critical checks and balances in a radical experiment with U.S. taxpayers’ money and the U.S. economy. The mortgage giant began scrapping or weakening long-accepted underwriting safeguards like standard FICO scoring, title insurance, mortgage insurance, downpayments and appraisals.
Investigators should mine the following areas for the presence of additional waste, fraud and abuse:
• Schemes to coerce in-house analysts. Starting with Covid, Fannie gutted underwriting standards based on political exigencies and then coerced and incentivized a group of in-house analysts to magnify doubts about a class of loans in order to send repurchase demands to lenders. Fannie’s valuation system shunted a subset of the millions of loans purchased by the mortgage giant into a “high risk” pool. A Fannie Mae whistleblower reports that the in-house analysts were then coerced, at the threat of losing their jobs, into validating the automated system’s findings. If this is correct, Fannie’s vendors were also likely pressured or incentivized to tweak automated valuation models. A Maryland task force looking into automated valuation models at the mortgage giants was stonewalled when it began asking questions about Fannie Mae’s automated valuations. Expect considerable fraud and abuse in this area.
• Fraud within “Special-Purpose Credit Programs.” Such programs provide money to particular borrowers who lack adequate down payments for homes or the ability to cover mortgage closing costs. Many Special Purpose Credit Programs were spawned by the mortgage giants under Biden-era appointees for political purposes. These programs have historically resulted in racial targeting and so-called affinity schemes. Last month, Federal Housing Finance Agency Director Bill Pulte ordered Fannie and Freddie to terminate all Special Purpose Credit Programs. Widescale fraud may have already been found with these programs.
• Mischief with loan-level price adjustments. Fannie Mae and Freddie Mac impose a loan-level pricing adjustment which is a fee charged to mortgage borrowers who opt for a conventional mortgage. The fee is supposed to be based on the borrower’s level of risk. The fee can vary depending on factors such as the borrower’s loan-to-value ratio, credit score, type of occupancy, and the number of units in the property. Typically, borrowers pay this fee in the form of higher mortgage interest rates and or fees. These are assessed based upon certain eligibility or other loan features submitted in Fannie Mae’s system. Because it is not well understood by borrowers, all kinds of mischief is possible with this fee. Expect to see sweetheart deals, kickbacks, padding and special waivers of this fee.
• Mischief in Fannie’s funding of home repairs and closing-cost reimbursements. Fannie Mae offers something called HomeStyle Renovation loans, which allow borrowers to finance renovations and improvements while also covering closing costs. The loan covers the cost of home repairs and renovations, including materials and labor. Additionally, Fannie Mae provides expense reimbursement for servicers related to loan servicing, such as for advances for taxes, insurance, and other out-of-pocket expenses. Expect to see considerable fraud in this area.
• Potential sweetheart deals with pre-approved law firms that may have been greenlighted to provide lucrative attorney-opinion letters to replace standard title insurance on federally sponsored mortgages.
• Potential manipulation of executives at the Fair Isaac Company in the dilution of its publicly traded company’s FICO score and the creation of diluted versions of the gold-standard score.
• Mischief by Fannie’s internal employee affinity groups. In their mission statements, these groups of Fannie Mae employees have pledged to join hands with vendors and outside actors, including borrowers. How do we know this? This was in their respective mission statements in a Web page that has since been removed. The page was here.
• Irregularities with credit-default swaps. Fannie has been dumping risk into capital markets by peddling junk-rated credit default swaps in a dangerous and unregulated insurance scheme. (Think insurer AIG’s spectacular collapse and federal bailout in 2008.) The unregistered instruments are called “CRTs.” The practice is relatively new for Fannie, which has found itself propping up an over-the-counter marketplace for the synthetic derivatives.
• In 2022, Fannie Mae reached a $53 million settlement with a nonprofit aligned with the Biden administration’s U.S. Department of Housing and Urban Development. The payment to the National Fair Housing Alliance may not have been vigorously opposed by the mortgage giant. The lawsuit and settlement may simply have been an elaborate, politically directed payout to a nonprofit that acts as HUD’s private enforcement arm, scout and rainmaker.
Expect to see considerable fraud and abuse in this loan pool. • Fraudulent mortgages to “credit-invisible” borrowers. In January 2023, under the pretext of helping the underserved, Fannie announced it had tweaked the knobs and dials on its impenetrable underwriting algorithm to fit so-called “credit invisibles” for mortgages. These included borrowers who had never held so much as a gasoline card, a Kohl’s card and those who have become elderly and infirm. In a press release in 2022, Fannie cited findings that show millions of people in the U.S. are “credit-invisible.” Expect to see considerable fraud and abuse in this loan pool.
• Fannie and Freddie have been making bad loans and then dumping the notes for pennies on the dollar to venture capital firms and crony nonprofits. The buyers are not putting foreclosed homes back on the market. The homes are instead being rented out. The restrictions in fine print placed on the purchasers of Freddie and Fannie’s nonperforming loans offer a big clue as to what the twins are up to in hiding botched mortgages. Since Covid, Fannie alone has auctioned off pools of nonperforming and so-called delinquent “reperforming” loans. The twins have been quietly purging the mortgages from their books or holding the loans under misleading labels, such as “reperforming.”
Both Freddie and Fannie have a history of misrepresenting their activities to the public, investors and Congress, from concealing trillions in toxic Alt-A loans, stated-income loans and negatively amortizing loans leading up to the 2007-2008 financial crisis. They required a combined federal bailout of nearly $200 billion in 2008. In the past, both entities have been caught using accounting methods that underreport expenses and inflate income.
In 2011, the Securities and Exchange Commission filed civil fraud charges against former Fannie Mae CEO Daniel Mudd, former Freddie Mac CEO Richard Syron and four other former executives. In 2015, the case against Freddie Mac execs settled with Syron paying $250,000, former chief business officer Patricia Cook paying $50,000, and former vice president of credit policy Donald Bisenius paying just $10,000. The settlement was unusual as it allowed the three executives to continue to deny wrongdoing. Mudd settled his case a year later for $100,000, a sum paid for by Fannie Mae. It was sofa change compared with the $24 million he earned from Fannie Mae from 2006 to 2008.
We can only hope this week’s firings were not a token gesture but the beginning of a purge of bad actors from of this rogue organization.
- Fannie Mae Fraud and Abuse Exposed - April 18, 2025
- Is a Horde of Deadbeat Borrowers Again Walking Among Us? - November 4, 2024
- How Deep Fakes Have Burrowed Into Home Finance - October 14, 2024
I wonder if they fired Lyle Rieke?
Phoney Mae & Fraudy Mac in receivership…and we should comply/enact their changes?!
Funny
Department of Government Efficiency.
THANK YOU – DOGE
And to think 1/2 the United States of America remains up in arms about stopping this government waste.
Fannie & Freddie HATE real estate appraisers. Never….never forget that.
I wonder how much they spend on collateral underwriter. A system only good for probably 6 months of data at a time
The type of people at the helm live their lives with some false belief they become untouchable because they get away with their corrupt behavior for so long without so much as a hand slap. That is until they are being led out of their office in handcuffs. Then they are full of remorse. Make no mistake, these are crimes of the highest order and simply firing is not good enough. Charges need to be brought against every single one of them. They are well on their way to a repeat of 2008 because there is inequate oversight or oversight is also part of the problem. It amazes me somewhat that appraisers have known something was up for a long time but everyone in Washington turned a deaf ear because they were too busy demonizing appraisers with their woke agenda. Who wants to associate with a racist? “Racist”, one of the strongest words in the English vocabulary. It took awhile but the mortgage industry finally figured out how to get those pesky appraiser anchors out of the process. Keep in mind, Fannie is a private, for profit company who has already been bailed out, with taxpayer money, to the tune of billions. Wouldnt one think every move they make would need to be presented to a committe? But no. Who’s best interest do you think these creative programs they are introducing is going to benefit? Certainly not the taxpayer. Using the government to perpetuate their lies demands harsh consequences. Total and complete loss of public trust.
It’s pretty bizarre because government efficiency is good for both sides of the isle. How could anyone be against basic things like modernization of technology and more rigorous accounting practices?
No one is against modernization if it comes without fraud and discrimination to achieve that end. See, the problem lies with the liars and cheats that are falsely manipulating that for their own self nterests.
Chase, when it is shown repeatedly to be a vehicle eroding proven appraisal principles and practices developed over a 92 year period to protect clients and intended users of appraisals.
With FNMA, it started with their patented Collateral Underwriter, which was proven to be flawed as early as 2014; followed up shortly thereafter by FHFA’s own ‘White Paper’ on various regression techniques and Automated Valuation Models (AVMs).
This very forum was instrumental in the Feds quashing the original First American Pace Pro product circa 2014/2015. Only to be followed up by the GSE issuing their own near mirror image of that flawed document with a couple of misleading and dishonest placebos buried in the embedded text.
Chase, I don’t think anyone is against HONEST technology that follows the existing and PAST strong accounting practices. Its technology that deceives users into thinking a new product does things it does not.
Blatant Fraud and zero recourse for the consumer
https://appraisersblogs.com/uncovering-flaws-in-fha-appraisal-n-loan-review-process/
Have they fired Reuter?
https://appraisersblogs.com/fannie-n-freddies-offshore-gambit-imperils-privacy-of-millions/#comment-42962
Pat; 07-2024 / However, today a friend of mine has a friend that was at a recent Fannie meeting where they directly said their goal is to have to get 90% less appraisals ASAP.
Anyone know people directly at these orgs for more updates?
Don’t say “church” and we’ll all live happily ever after.
I’m sure that those 100+ decided to engage in fraudulent practices all on their own with no pressure whatsoever from Fannie. Smirk.
Guess it’s back to receivership…
Karma is a beoch….
MAGA,, MAKE APPRAISALS GREAT AGAIN!
One up! MAAGA / Make American Appraisals Great Again.
PNW. Winning again with the most upvotes. Great job.
According to IMF News, Inside Mortgage Finance Publication by Shannon Clark article, Thousands of RIF Reduction in Force Notices were sent on Thursday by the current Administration. According to the National Treasury Employees Union 1,400-1,500 employees were terminated, which will eliminate or reduce some CFPB Offices to Single Person. There is certainly a lot going on right now. On another note, Experian moves to Dismiss CFPB Multi-Year investigation due to Statute of Limitations of Investigation going back to the Covid-19 Pandemic.
Dear friends,
Note how I got out on this one early – why – because all attention should be focused towards (x-real estate broker) Lyle Reike!
Lyle openly admitted on multiple podcasts that he couldn’t run a successful appraisal practice—yet now he claims to have the billion- and trillion-dollar solutions that Fannie Mae and the entire lending industry need. Somehow, he’s positioned himself as the authority on how appraisers should do their jobs and how to interpret data.
Links please. For real? This is like the Bunton thing all over again. People whom are not even qualified or capable of doing the job are managing the licensed appraisers whom actually want to work into oblivion.
I’m picturing the FNMA and FHFA persons in charge of administering the appraisal programs. Probably working from home half drunk in their pajamas or who knows, maybe playing daily golf at the club. They were not very good at their jobs that’s for sure. Otherwise we’d be seeing an expansion of the appraiser head count in general alignment with more housing units, increased populace, continually increasing appraisal service demand. Instead we are seeing consistently less.
https://www.youtube.com/watch?v=B2WPIdTu6kA
It starts around the 26-minute mark if you don’t want to listen to the whole episode. He talks about his transition away from appraising and claims he learned more about the profession after leaving it, which is a bit of a red flag. That kind of thinking is where about 95 percent of the uninformed comments about our profession come from… out of the profession.
That was an interesting watch. He knows first hand through personal experience how destructive amc’s are to small appraisal businesses, and does nothing about it. He worked with the same company that developed xml appraisals for the CU database. He worked on the construction side and pontificated how vital and valuable this experience of understanding home construction technology, and seeing homes in person is. And then still approved hybrids and property data collector programs. He understands monopolization of the industry, yet allows this activity to move forward.
Sort of disappointing. Residential mortgage lending appraisers have no effective advocates at the administrative level of gse’s or our own appraisal trade groups. Most appraisers have consigned themselves to giving up and getting out. The internet and news publication outlets still to this day have long series about the fictitious valuation bias arguments posted on their websites.
This below image; How the ‘disparate valuation outcome based on racial and ethnic lines’ via the ‘avm final rule’, initially came about. The DEI aspects are baked into avm systems. Avm systems rely on expansion of waiver programs. GSE related lender participation is mandatory, no opting out.
Mic check. One two one two… Hello?
Correct. Thank you BDL for that most timely and relevant comment. The importance of the regulatory structure can not be over stated. That structure is imposed upon the GSE’s and companies whom work with them, through the entire spectrum of services and servicers, as the trade for having a congressional charter, which is where taxpayer backing comes in. Yet, through a long series of coordinated efforts with trade groups and ‘stake holder interests’, much of the regulatory restriction has either been side stepped, diluted, altered, or effectively rescinded through a continual series of policy and rule changes. So at this point it becomes obvious these companies are no longer aligned with the original intent of the charter, nor the rule structure as it was originally written, the original spirit, which revolved around consumer protection, transparency, and fair dealings.
For appraisal specifically; MISMO led to CU which led to intellectual property theft without compensation to appraisers, the data then used against the appraiser community to extreme small business deficit. Accentuated by the unchecked domination of amc’s, whom themselves serve as an effective regulatory and oversight sidestep, as they are only licensed for appraisal management, yet offer a wide range of services well beyond appraisal, which regulatory structures were designed around lenders providing instead, whom are subjected to more oversight. Although the amc is the agent of the lender, and the lender is supposed to provide effective amc oversight (which they do not), this convoluted structure allows lenders and amc’s alike to pass liability down to appraisers as well as avoiding legitimate civil claims from consumers whom may have been harmed or wronged.
The amc’s also found a way to apply quasi legal junk fees (ARCC group demanding investigations into this matter), via the CFPB Reg Z C&R rule interpretation which nullified the firm Dodd Frank rule requirement they pay market rate fees as if no amc would be involved (no volume discounts, mandatory use of independent fee market surveys or simply copy the VA local fee rate), or be subjected to $10k/$20k recurring daily fines for each and every appraisal they failed to pay C&R rates to appraiser vendors. Coupled with the inadequate, biased, and predatory engagement structures of amc’s towards appraisers, as well as the ‘separation from loan production rule’, this drove many appraisers out of the GSE service realm, appraisers whom are no longer willing to provide appraisals for the purpose of consumer protection. Additional regulatory work arounds over time included; rising demins, loosening of LTV standards which indicated the requirement for full service appraisers use, hybrid forms, unlicensed property data collectors, expansion of drive by services and pass through substitute value service such as; evals, bpo’s, drive by’s, desktops (often completed by out of state persons), and avm’s (using the recent inter agency ‘avm final rule’), in leu of legitimate licensed full service appraisers w/ local knowledge & specialty.
https://en.wikipedia.org/wiki/Government-sponsored_enterprise
In retrospect what also becomes apparent is the FNMA wholesale loan program appears to function as an effective cover to avoid scrutiny revolving around bad actors, faulty work products, and other yet tbd inadequate service. As defaulted loans are either branded reperforming with special new terms such as 40 year loans, 115% ltv’s, and special deferred payment or principal relief granted to certain affinity groups but not others (integrated DEI as other special lending term names.) Mr Bagott accurately referred to some of that as a clandestine welfare program. We follow that this is also corporate welfare type gifting. These properties are not made available back to the general public through programs such as good neighbor, open MLS through traditional asset management programs, other means, as first purchase opportunity goes immediately to only a select group of corporate investors at firesale pricing pennies on the dollar. Then the properties are often held in perpetuity as investment units, which artificially props up both rental price and free market sales pricing throughout the country, creating artificial scarcity, exacerbating the ‘inadequate housing supply’ issue. Leading to revolving door opportunities for program managers. After a decade or more of this activity which has led to a massive housing bubble yet again. Pin the blame on ‘racist appraisers’ this time around, w/ associated attempts to censor our speech. ‘Appraisal modernization’.
Mic check. One two one two. (taps mic, squelching sound resonates then fades.) Is anyone there? Is this thing on? Post this image again I suppose.
_________________
The pertinent question: Who will enforce the DF Reg Z fines when and if the CFPB is shut down. Because if the CFPB goes away, the REG Z on Appraiser Independence and Customary & Reasonable fees ‘safe harbor’ interpretation the CFPB put forth which allowed for amc’s to dominate and decimate the appraisal industry, that special exception goes away. Which means on the very first day of effective absence of the CFPB, every amc whom pushes discounted volume work, as well as the lenders whom ordered appraisals from those amc’s, will be on the hook for $10k/$20k fines, per individual instance, repetetive stacked over and over again fines. Current status of the CFPB: Ordered to be shut down, saved by a federal injunction, awaiting further trial and court resolution, or it would have been abolished and gone sometime around 05/01/2025. Musk; ‘CFPB RIP’. Indeed…
The importance to appraisers of CFPB close down or rules correction is of upmost importance, because if they go away, so do the amc’s (or lenders will be required to shoulder the cost of using amc’s instead of that being passed directly to appraisers via improperly co mingled appraisal fee splits). Then what is likely to happen is that a substantial volume of the most skilled and professional licensed appraiser valuation servicers are likely to make themselves available to GSE lending again, or will have notably more presence and influence due to more fairly distributed work volume, as lenders will be required to pay C&R market rate appraisal fees again.
Likewise important is for the FHFA manager Mr William Pulte, to demand the avm final rule be removed alongside it’s incorporated DEI based ‘disparate valuation outcome along racial and ethnic lines’ algorithmic value meddling, appraisal waivers be rescinded or moved to a much less forgiving thresh hold than the current 98% ltv, lower the demins, prohibit hybrids, pdc’s, evals, bpo’s, and other alternative valuation products for higher risk origination. As well as revising policy which conditioned GSE executive pay on their continually scored ability to remove full service appraisers from the process to protect from the illusionary notion of ‘valuation bias’. To implement policies which prohibit the routine blacklisting and benching of appraisers, fictitious performance grading and misleading ‘tiered ranking’ of appraiser schemes which function as effective blacklisting tools. Rather to install something similar to the VA system where all panel appraisers with any given lender (or amc paying C&R rates if utilized by the lender) receive a fair share of work volume, aka round robin distribution. As well as making a clear policy statement that either the CFPB safe harbor rule on DF REG Z AI C&R compensation is rescinded, or that the C&R market rate appraisal compensation rule is now in full effect as of the date.
The full service appraisers presence in lending for more rather than less origination activity serves as one of the most fundamental and effective safeguards to prevent fraudulent activity and various schemes before they can ever take root. Appraisers provide a cornerstone of stability to the entire GSE system. But our presence and effective servicing demand from GSE’s has been reduced to a mere shadow of what it once was. Let’s hope someone is listening.
https://www.scotsmanguide.com/news/federal-judge-blocks-dismantling-of-cfpb/
Great job Mr Bagott on this article. Simply incredible.
Have to wonder how the consciences of the fraudsters /abusers are doing on this Easter/Resurrection Day Sunday? Do they even have a clue on how much damage they have done to America and to many innocent lives – such as appraisers? Their reward is waiting and there has to be a special section just for them. Is the very temporary/short term evil gain worth the long term price? Scary stuff!!!
Yes, I have watched Lyle on podcasts also. He reminds me of Tom Homan speaking on homeland security. Need, I say more?
Jeremy, we may have had the same or some of the same internal whistleblowers (yes, there were multiples, some former, and some current). I certainly had the opportunity to personally review dozens of the phony complaints on legitimate appraisals in great detail. This was not an accidental aberration.
By late 2022, and certainly in 2023, FNMA found it was unable to sell 2% loans with CU scores in excess of 3.5 at all (<2.5 was the sweet spot). Being unable to adequately recapitalize, FNMA augmented this by forcing banks and lenders to buy back, or at a minimum to reprice, numerous loans.
They blamed allegedly 'fatally flawed' appraisals as the basis. They flat out LIED about the appraisal defects either in total, or in part. Certainly, the claims of being fatally flawed were extremely exaggerated. In the earliest days, the LQC Team E had a human signature and name. That was of short duration once I started challenging their findings, and refuting claims on behalf of our members with state authorities, FNMA had also thrown appraisers under the bus to bolster their false allegations.
Eventually, Radke came out with his false claim (in writing) that FNMA didn't file complaints. They only provided TIPS to state regulators. What word does one use to describe a person who tells an egregious lie? L***?
Both FHFA and FNMA were well aware that the FNMA quota-driven buyback policy had been both discovered AND documented. Yet it continued through 2023 and much if not all of, 2024. I'm told the broad buyback fraud trend either slowed or was discontinued near the end of 2024, when ostensibly the in-house "reviewers" at FNMA were told to start making sure they had rock-solid evidence before issuing loan repurchase letters.
I only have first-hand investigative results for those complaints that falsely accused AGA Members of appraisal deficiency. I know Robert Keller out of Florida, dealt with others; and some appraisers engaged attorneys to refute the false claims.
Only FNMA knows the exact numbers of appraisers subjected to the unwarranted and gut wrenching torment for months on end, solely to justify the GSE's buyback fraud against lenders.
Every single FNMA "reviewer" operating out of Texas, who issued a TIP claiming it was after review, should have their license revoked for non-compliance with USPAP, since Texas is a mandatory USPAP state. FNMA can pretend they are exempt from FIRREA, but that doesn't make its appraiser reviewers exempt from mandatory State of Texas rules concerning USPAP compliance.
Mr. Pulte, if any remaining FNMA Texas appraisal reviewers issued buyback letters, its critical that their files be reviewed to see if any attempt was made to comply with USPAP.
The dishonest, and in my opinion, potentially criminal, PROBABLY criminal offenses started with the low-interest, low-quality Covid loans in 2020. Issuing repurchase letters based upon quotas, while falsely blaming allegedly defective appraisals, amounts to outright loan fraud against federally insured and regulated lenders. A buyback of a previously sold loan is, in fact, a financial transaction.
DEI loan policies are only the tip of the iceberg when it comes to bad policies and outright fraud perpetrated by the GSE. Those (previously) in charge of setting policy need to be investigated.
Hopefully, any such investigation will also eliminate the ban on the 144 DEI words that FNMA lumps together as "bias, vague or subjective."
Excellent. The hits keep on coming. Thank you Mr Ford.
I knew there was a good reason to substantially tone down origination work over the past few years. Wow. From the practical perspective of an every day working appraiser, after the covid rush subsided there was an undeniable shift in work request quality. What was a stream of relatively low risk and wise financial decision type of borrowers gave way to serial refinancers whom appeared to have already become trapped in underwater positions last time around.
One also considers the likely possibility that a high proportion of the ‘fatally flawed’ appraisals in question were sourced via appraisal management companies. Illustrating their inadequate process. Also bringing into play why the amc’s controlling appraiser, who’s placement is required at every licensed amc in the country, is not challenged for failure to properly administrate process and oversee uspap compliance, which their continued licensing is predicated upon the moment they accept employment at an amc company. Many of those people routinely cycle through state appraisal boards as investigative decision makers, often while they’re still employed by amc’s. If the CU system works as stated, why didn’t the fatal flaws get identified upfront?
Remember the old ‘suspensions and revocations’ threads from other appraiser sites, thousands and thousands of penalties and fines all came at once. Only after long periods of time, when the files are eventually cracked open, do these things tend to take off and gain momentum. Then at that point there could be a substantial amount of inquiry, ensuing accountability. We’ve been warning amc appraisers about this possibility for a very long time. But one of many reasons three out of four licensed appraisers refuse to be in service to consumer protection and gse lending work, if an amc is involved. Let’s hope someone is listening.
Mike Ford and Jeremy Bagott for FHFA or FNMA appraisal programs new head administrators! Maybe we can finally get someone in there whom can clean things up.
I just found out yesterday that Fannie Mae is buying vacant land and hiring private builders to construct homes and sell them. I’ve never seen that done before because these new builds aren’t on the open market. They are being sold off market. The only reason I discovered this was helping a friend find a private builders and looking through county NOCs…then the rabbit hole got deep. Anyone for a clue why Fannie Mae is doing this?
It is more likely that they are making available land they own through foreclosure!
D
Why do they own land? Aren’t they supposed to be brokers only? Is Fannie Mae a builder now? It wasn’t cheap construction if that’s what anyone was thinking. This wasn’t through foreclosure either, I’m a pro at foreclosures.
Provide links. We’ll have to take a quick look to get better references. Nope, never heard of this trend. Perhaps it’s some program where final title is transferred to the buyer, but only after project completion? Sounds like possible creative financing to consolidate multiple rounds of financing for land, pre construct, then final after construct?
You may be able to identify a trend if your county has those advanced all documents in one search capable database. See if you can find an earlier example, something already completed, observe what happened with the title and owner identification at the very end. Then you may be able to assume what will happen with the real time examples you observed. Just guessing but that may bring new information. That or just call the assessor or a lower level document clerk and ask what’s happening. Sometimes you can learn a lot by calling the regular data and document management clerks. They’re often quite helpful and happy to talk to whomever calls.