Posted by Mung/CA on 12/4/05 2:55pm
Msg #80244

is this a strange request?

I got a call for tomorrow to travel 10 miles each way and assist a borrower with completeing a 1003 - only the declarations part (VIII). No notarizing involved. Agreed to a decent fee. Has anybody ever been asked to do something like this?

Reply by sue_pa on 12/4/05 3:12pm
Msg #80247

just be prepared for total idiots if they can't answer 10/15 basically yes or no questions pertaining to themselves without help.

Reply by MB_AZ on 12/4/05 3:16pm
Msg #80249

I've had a LO call me to assist a borrower fill out the loan "package" ... more than the 1003. They wanted me to pick up the pkg from them and deliver to the borrower, sit with them while they complete the pkg then return the pkg to the mtg co. all for $50. They wouldn't agree to my fee (I didn't want the job anyway).

Reply by Jenny_CA on 12/4/05 7:58pm
Msg #80278

I've been having to help fill out the 10 year history forms a lot lately, since the signers have been Spanish speaking only. Other times I've had to translate their notes to the lender regarding credit accounts. It takes a great while and I am usually not adviced ahead of time that I will need to help fill out incomplete forms.

Reply by TitleGalCA on 12/4/05 8:05pm
Msg #80279

Re: is this a strange request?

Jenny, if there's an escrow involved, most times they've sent this form to borrower way before you get it, generally when escrow is first opened and the lender is duplicating the request. The information is for title insurance purposes only. Ask your borrower if they've already received the form, and filled it out. If not, the most important info on the page is the names, most recent addresses and SS numbers to eliminate the possibility of recorded liens against the individual. The form is called a Statement of Information.

The reason why it's called a "10 year history" is because for title insurance purposes, most recorded liens are not enforceable after 10 years, with some (and varied) exceptions.

I guess because I know escrow WILL get the information, I don't worry too much about it. Then again, I've never been yelled at by a lender or SS if I haven't gotten it.

(I suppose all of this isn't much help, now that I re-read it).

Reply by Jenny_CA on 12/4/05 8:21pm
Msg #80282

Re: is this a strange request?

This is too funny, I've arrived at the borrowers' homes and have asked them ( it's happened more than once) if they filled out the forms ahead of time. Well, they pull out the forms form the envelope and ask me "This forms?" They are blank! I take a deep breath and tackle it .

Reply by TitleGalCA on 12/4/05 8:45pm
Msg #80287

Re: is this a strange request?

If it were me, I wouldn't spend a lot of time on it, ultimately it's escrows reponsibility. It takes too flippin long to fill all that out, and some people write reams, others give the sketchiest history. I'd leave it with them and tell them to return it to escrow. I guess, kudos to you for being so patient about it - this is where I run into trouble, both on the board and with SS when it comes to the stuff I KNOW the purpose of. A good EO will understand if you explain that the SI (Statement of Information) will come to them shortly - there wasn't time enough to fill it out at the table. (Also, you'll get brownie points for calling it an "SI" (title lingo, dontcha know).

Or, take the time to do it - it's up to the individual SA. There, I covered myself for all scenario's.

Reply by Anonymous on 12/5/05 1:25am
Msg #80315

Get cash at the start

Before they find out how easy it is and that it does not likely need to be notarized. Take the money and run!