Posted by RIcloser on 5/6/13 9:42pm
Msg #468984

Statement of Information - Prior Marriages

Had two recent signings for same lender whose Statement of Information had section for "Prior Marriages" asking for names and contact info of former spouses and "from" and "to". Borrowers were very uncomfortable, and so was I. The first ones reluctantly filled it out. The second one refused to fill in. I called TC, but no return call. Feedback?

Reply by Sandra G Holland on 5/6/13 9:54pm
Msg #468985

I suspect that most people would not know how to contact former spouses, especially in this age of no land lines.

Reply by Robert522TX on 5/6/13 10:00pm
Msg #468986

They would have to look in hell to find mine..... n/m

Reply by RIcloser on 5/6/13 10:11pm
Msg #468988

Yea, but asking duration of marriage? What relevance is that to lender? Besides which, the Statement of Information (disguised as a contact form) is really to be used to try to reach borrowers in case of default. Why would a borrower want a lender to contact an ex about that? IMO an invasion of privacy. That said, should the question just be ignored at the closing table, or are we obliged to obtain that info?

Reply by Jessica/FL on 5/7/13 12:01pm
Msg #469028

SI "Used to reach borrowers in case of default?"

Proper completion of this form will help protect the borrower by enabling the title company to eliminate the problems that might arise through similarity of the borrowers name with the name of another person against whom there may be judgments, tax liens, or other matters affecting property ownership. This form is used to clear title. I use this form at the end so while the borrowers are filling out the SI, I can completely double check all of my work.

Reply by RIcloser on 5/7/13 8:23pm
Msg #469098

Re: SI "Used to reach borrowers in case of default?"

Ah. Sorry, I thought it came from the lender. While it may be used to clear title, shouldn't the TC get that info before the closing? Anyway, I appreciate all the input and will now have better idea on how to address it in the future. Thanks.

Reply by desktopfull on 5/7/13 2:16pm
Msg #469039

There could be a divorce contract or judges orders giving previous spouse an interest in the property. They have to make sure the title is clear.

Reply by Buddy Young on 5/6/13 11:11pm
Msg #468993

I just tell the borrowers to fill in what they know or what their comfortable with, I wouldn't go digging through draws for information for that form. I remind them I'm not giving advise though.

Reply by MW/VA on 5/7/13 7:09am
Msg #469003

I hate those SOI forms in the pkg. Fortunately, I don't see them often. Apparently, they are a requirement in CA, supposedly for title insurance. The prior marriages questions is probably about anyone having a vested interest in the property.
I only have the borrowers complete some basic info. to satisfy title (ecrow, as it's named in CA).
I think someone posted a while back that one of their signers wrote "none of your business" on the form. ;-) LOL

Reply by Resilient/MD on 5/7/13 9:26am
Msg #469012

UMMM YEAH! I get alot of flack from borrowers on that form. What gets me is its the title companys form not the lender. I tell them to fill out as much as they can and sign it.

Reply by SharonMN on 5/7/13 11:35am
Msg #469024

I assume it's for the purposes of the other information on the form - so when they are doing searches, they can figure out whether it is the bwr. or somebody else with the same name. For example, if they find a house owned jointly by the bwr and the ex-spouse, or a judgement against the bwr, or a divorce decree stating that they cannot sell the house.

Reply by Pam/NM on 5/7/13 11:57am
Msg #469026

I think it's how it's presented that will get cooperation

I am matter of fact and don't roll my eyes or bemoan the form. If I am familiar with the title co and know it will probably be there, I even mention they may want to gather some of the information ahead of time during my confirmation call. I explain that while the lender has the completed application, this will help the title company complete their transaction. Most, but not all are cooperative. I tell them to do their best on it and if there are any questions, title will contact them. It's definitely a potential PIA, but the bigger a deal I make of it, the bigger the b/o does too.

Reply by notarydi/CA on 5/7/13 12:50pm
Msg #469035

Statement of Information is used by title to insure clear title to the property. It recently came in handy when my ex-sister-in-law was refinancing her property. Apparently, final divorce decree was never filed on husband #1. She had to get that cleaned up, so, he could not come back and try and claim title to the property. She has been married and divorced 4 times. She was very happy she filled out the form and found this out as she did not want that SOB coming back and trying to claim title to her house!!!

Reply by JanetK_CA on 5/7/13 5:41pm
Msg #469074

Precisely! Great example.

Also - as has been stated by one title co that includes an explanation with that form - because of the size of the population in CA, it's a lot more likely than people might think that someone else has a same or similar name as the borrower(s). I've run into a number of situations where, not only is that the case, but the other person has a judgment against them. That form can help title distinguish one person from the other.