Posted by MichiganAl on 1/14/11 3:11pm
Msg #368691

LSI/Wells Fargo Loans - W9

Wondering if anyone's gotten an answer from LSI regarding the following:

Over the last couple of weeks, LSI started including an extra W9 in their title package for the borrower. No problem, the borrower would sign it and then when we got to the Wells Fargo docs there were two, one for the borrower, one for the co-borrower. We'd just sign them all. But now, LSI gives me a W9 in their package, it has the borrower AND co-borrowers name printed on it, which of course doesn't make sense because there's only one soc number on there and only one signature line. And then when I get to the W9 in the Wells package, there's only one and it's completely blank. So...do they want borrower to sign the LSI W9 and co-borrower to fill out and sign the one in the Wells package? Or are they both for the borrower? Do they expect the co-borrower to also sign the first one that has both their names on it even though a W9 is only for one person? Grrrrrrrrrrrrrr.

I know, ask LSI right? I did. Spoke to three different people. All clueless. Finally the last person said just ignore the blank one but I think she just didn't want to deal with it. Thoughts? Anyone already talked to them about this?

Reply by Lee/AR on 1/14/11 3:23pm
Msg #368693

If anyone KNOWS the answer, please enlighten us

Yes, I had that situation--but it was a non-issue as it was a single B & I figured it was some goofy computer programing glitch (& returned it blank). But, you are right--they need to fix this. I'd probably have the B cross out the "additional unneeded name" and have the CoB complete the other 'blank' one.... & cross my fingers & hope that is what they want. "Right" and "what they want" aren't necessarily the same thing--kwim?

Reply by DBFL on 1/14/11 4:12pm
Msg #368701

Re: If anyone KNOWS the answer, please enlighten us

I have encountered this a couple of times and no one seemed to know what to do. I had the borrower cross out the co-borrower's name and initial and sign the form. I used the blank one for the co-borrower to complete and placed it in the package with the first one. I have not heard back from anyone that this is incorrect or not acceptable, so I have continued to do that when presented with this situation.

Reply by LMS on 1/14/11 3:31pm
Msg #368696

The ones included with the title docs do not need to be signed or even printed. They are there in case someone wants to pay the $50 for earning interest for the three days til their loan funds. No one is going to do that unless they're doing a $20 million dollar loan. But, that W-9 is so they can get a 1098 at the end of the year showing the 12 cents they earned in interest for paying that $50.

Wells Fargo never fills in their W-9's, no idea why not. Fill it out for one of the borrowers (if there is more than one) and use the borrower listed first on the docs.

Reply by Susan Fischer on 1/14/11 5:50pm
Msg #368711

I don't fill any forms out for borrowers, I let them do

that.

jmho.

Reply by MichiganAl on 1/14/11 7:59pm
Msg #368727

That's what I ended up doing. I just had the 1st borrower sign it (but as Suzie says, I let the borrower do the actual filling out). We still did the one in the title package too just to be safe.

I just have to laugh when I see that ridiculous form about paying $50 to earn interest. Almost as funny as the Chase form that asks if the borrower wants to pay $87 to use Chase's escrow service instead of the FREE service with First American.

Reply by CopperheadVA on 1/14/11 8:09pm
Msg #368728

I always try to put a funny spin on that LSI form where they can pay $50 to earn 0.50% interest. I tell them that I have a 100% "NO" streak, but they are free to choose "YES" if they want to.

Regarding the W-9 with the title docs that always has both borrowers names at the top, I know it's only needed if they are signing up for the 0.50% interest bearing account, but since it's in the package I have them sign anyway (don't want to go back out for a missed signature). I ask them who's SSN is listed on the form, and have that person sign it.

If there is only one blank W-9 with the lender docs, I would have the primary borrower complete and sign it.

Reply by RJE/MI on 1/14/11 8:12pm
Msg #368729

It's funny that you mention that today Alex. I had another one like that today. I just tell the wife to squeeze her signature next to her husband while thinking to myself I'm just glad I don't have to explain why they have to initial and sign the $50.00 interest account form twice. It wasn't in there this time. It looks like they updated all their forms. Wish everyone else had the same new years resolution.

Reply by CopperheadVA on 1/14/11 8:19pm
Msg #368730

Renee, I asked LSI once about the two signature areas on the same form. I was told the form was not formatted correctly and the borrowers only have to sign it once. In fact, I now cross out the signature lines on the right side with an "X" through them and only have them sign the left side.

It does seem like LSI updated their forms as far as they seem to be in a different sized font, but they have not fixed the blaring goofs. I have noticed that sometimes one or two of their normal title docs are not in the package.

Reply by parkerc/ME on 1/15/11 4:49pm
Msg #368830

Good to know that it is/was a formatting error. I've only had BOs sign once, wondering why the second signature block, so in the future if I get the two-block ones, will do as you and also X through the second block.

Reply by twil4_WI on 1/14/11 9:24pm
Msg #368739

My favorite is squeezing both names into the inch they give me on the acknowledgment page, where I always put an arrow up into the sky to fit the rest, and they give us a half inch to write the month and six inches for the day of the month

Reply by CopperheadVA on 1/15/11 6:32am
Msg #368757

Ha Ha! So true! n/m