Quality of data on note buying sites

[Ann Howell]

I'm working on learning about notes.  I hope to start investing with performing, first liens to continue learning and then eventually branch out into seconds and non-performing.  I've been studyIng and reading and looking at sites.  Sites like FCI and Watermark Exchange have notes for sale, but the data seems very questionable. For example, WE posted notes today that say they originated in 1969.  There is also a lot of missing data.  Some of the loans listed as performing showed the last payment being 6 months ago. Etc...

I understand that things like title and BPO need to be verified independently.  But if the basic listing data is so skewed, how do you even choose which ones to look at?  Is this typical of these sites?  Is the data that comes through on a tape directly from a bank more accurate?  Is there a trick to confirming the basic data, so you can decide whether to pay of title searches and a BPO?

[Bob Malecki]

I've bought 3 notes thru FCI Exchange but none from Watermark. They did not even reply to my inquiry about a note that I sent in last week via their website form. As I understand it they don't own many or any of the notes in their inventory, they are more like a fancy broker.  With FCI you have a vetted seller and FCI holds your funds in escrow until you approve the collateral files. Very above board and clear transactions. 

Bob