I find that it stems back eons ago...if it's a refi, they transfer information over w/o checking. Many times that package had a misspelling, and they just went with it and never corrected. (Or worse people accept their DL with a misspelling and just live with it thinking it's no big deal) Then sometimes they took title as single with, or Joint tenants in Common then got married and nobody changed the name on title prior to this closing or vesting so then when it comes to her name, she has a different name and ID now, and that will carry over unless there is that Quit Claim deed in there showing that name change and vesting information.
It all goes back to the responsibility of the lender who takes the information and also the borrowers who know their name and know if they got married to say something, and know if misspelled years back. Again, maybe they forgot or didn't know how it works, so it's up to that LO to get it right, check that ID and do that QCD prior or very least in the current package to the closing (and let us know so we make sure they have a witness at closing). |
