Posted by Joe-PA on 8/16/05 11:33am
Msg #59380

Loan Docs.

I have loan signing today, and I noticed that some docs don't have the co-borrowers name. Should I have the co-borrower also sign the docs that don't have her name?

Reply by Sylvia_FL on 8/16/05 11:45am
Msg #59382

Are you sure she is a co-borrower????

Reply by Dmartz_IN on 8/16/05 12:01pm
Msg #59384

give Syivia's question to you some thought, your answer to your question may be in your closing instructions.

Reply by Dmartz_IN on 8/16/05 12:06pm
Msg #59386

Re: Sorry Sylvia(Spelling Police)N/M

Reply by Joe-PA on 8/16/05 12:14pm
Msg #59391

I looked at the instructions and it does not say that the wife has to sign certain docs.

I did a loan a month ago and the wife was not going to be on the loan but on the title etc. and the company explained to me what docs she had to sign.

This company does not explain that the wife should only sign certain pages, it says what docs I should fax back and how they should be sent back, but that's it.

Reply by Brian/CA on 8/16/05 12:12pm
Msg #59390

The 2nd person may be on the DOT (Mortgage) but not on the loan. They would be a non
obligator. Check the instruction and if you don't find it there call title to see what All documents need to be signed. Different lenders and states require different forms to be signed.

Reply by Joe on 8/16/05 12:14pm
Msg #59392

I forgot to mention this is a GAC loan

Reply by Brian/CA on 8/16/05 1:43pm
Msg #59427

Call who ever called you, signing company or GAC. Alot of loan have the instruction listing the docs they want the non obligator to sign. I have had some packages list two different group of docs for the non obligator to sign. Best to read it over ahead of time. Put a post it on the ones that this person needs to sign if their name is not on it. Makes it easier during the signing.

Reply by Art_MD on 8/16/05 12:26pm
Msg #59401

Re: Is there a co-borrower?

Look at the following: Note and Loan application.

If there is a co-borrower, then their name would appear on both the note and the application.

If her name is on neither of the above, then she is not a co-borrower. If not a co-borrower, then her name appears because she is on title. Some of the docs which she would sign are:
TIL
DOT/Mortgage
RTC
Compliance agreement
Name Affidavit
Limited power of attorney

Maybe not all the above, sometimes a few more.

Art

Reply by Joe on 8/16/05 12:40pm
Msg #59408

Re: Is there a co-borrower?

Should she initial where asked for initial, again they only have on line for initials?

Reply by The Signing Doc on 8/16/05 12:57pm
Msg #59411

Re: Is there a co-borrower?

I had a signing yesterday for a client, REFI and the house was in a Trust. The spouse had to sign all documents, initial all places where there was to be initials (even though there wasn't enough room for both). This was the third time (not by me) these docs had to be signed (Countrywide loan)...So my answer would be yes, the second party should sign all docs and initial all places, UNLESS you hear otherwise from the loan company. Of course it goes without saying that this person's ID should be noted in your log book. CYA...and in the words of Major Charles Emerson Winchester III..."...do one thing, I do it VERY well, THEN I move on!" You can't go wrong with oversigning. TTFN

Reply by Joe-PA on 8/16/05 1:10pm
Msg #59414

Re: Is there a co-borrower?

Thanks The Signing Doc, That's what I'm going to do. I had one loan where I had one space for initials and certain docs did not have the co-borrowers name. So I had the co-borrower sign where his name appeared. I got a call back from the SS that I needed to go back because all the docs needed to be signed and initialed by co-borrower. So I learned from that situation to just get everything signed unless otherwise told.

Reply by Ted_MI on 8/16/05 4:10pm
Msg #59461

Re: Is there a co-borrower?

Joe,

Don't think just getting everything signed is a good rule of thumb. It really depends upon the laws of your state. For instance, Michigan is a marital state. There are both dower rights (for female spouses) and homestead rights. Thus in the case of a woman spouse she must sign the mortgage, TIL, and Notice of right to Cancel (presuming it is the principal residence) even if she is not a borrower nor on the title.

My experience also is at times that lenders have quirky desires with respect to signatures that sometimes don't make a lot of sense.

Reply by Brian/CA on 8/16/05 1:46pm
Msg #59429

Re: Is there a co-borrower?

Countrywide is one of the few that requires all docs to be signed. Most companies do not want this. Check with someone at title or the SS.

Reply by Joe on 8/16/05 6:36pm
Msg #59505

Re: Is there a co-borrower?

I completed my signing, but before I did i called the SS and they said that the wife needed to sign everything except (mortgage, note, flood ins. ack., first payment letter, hud1, uniform res. loan app., error and omissions and occupancy affidavit).

Reply by Joe on 8/16/05 6:40pm
Msg #59506

Re: Is there a co-borrower?

Sorry I noticed I put down mortgage (she had to this also) so Art was correct. Sometimes I wish SS would explain this on the confirmations and when they send you directions about the loan package.