Posted by CarolMI on 2/11/05 2:16pm
Msg #20252

Initials on Mortgage and Note

Just received e-docs for a signing Saturday. So far all of the signings I have done, 1st, 2nd, refi etc., had a place at the end of each page for the borrower to put his/her initial. In this case there isn't a place. Should I just have the borrower initial it anyway?

Reply by shadoulew/CA on 2/11/05 2:27pm
Msg #20259

Re: Initials on Mortgage and Note/ My thoughts...

I've had that situation before and I look at it like this. If the company wanted the initials there, a line would be provided for it. If there is an initial line provided for it , then I have the borrower initial. If not then I don't. They all do things a little differently. Don't create unnecessary work for yourself. JMHO

Reply by Charm_AL on 2/11/05 2:48pm
Msg #20263

yep...I'll chime in also. I follow the directions as best I can. Every company is different, if there's no line with initials, I don't have them initial it. It's not my place to change the rules and think it's going to prevent fraud, if somebody goes far enough to switch a doc or add one, they are clever enough to initial it or not initial it since the initial wasn't required.

Reply by CarolMI on 2/11/05 3:01pm
Msg #20267

Thanks

Reply by JJ/Tx on 2/11/05 3:43pm
Msg #20277

I say better safe then sorry. They are only initials have the borrowers initial the mortgage & note. (Just my humble opinion)

Reply by Mike/NJ on 2/11/05 4:17pm
Msg #20280

Its ok if you oversign butnot if you undersign. I always have them initial the docs and never heard boo from any company.

Reply by sue on 2/11/05 5:41pm
Msg #20295

I've always been amazed by that statement. They are to sign as typed, those are the only instructions received on every package that I've ever seen. If the lender wanted initials, they'd use a document with initial lines. You don't change anything else in their package, why would you change that document?

Reply by BrendaTX on 2/11/05 4:46pm
Msg #20284

My personal decision is if there are no initial blanks and no instructions for it to be initialed, I don't ask the borrowers to do so.

If they say they want to initial, then that's *their* business. (I personally have never had a problem with being paid on packages where initials were placed and initialing was not indicated. )

However, it's *your* business about whether or not you get paid for a job and to do it as required to be done...so, just to be on the safe side you might want to call someone to get an okay if bwrs request to place an initial where there are no blanks for the same.

QUERY: Just curious...has anyone ever had a package kicked back for placing initials where not requested?

Reply by ItsMe123 on 2/11/05 11:08pm
Msg #20338

Most mortgages are Fannie Mae Uniform Instruments

Fannie Mae uniform instruments do require initials. Each state has a fannie mae instrument (for example Michigan's is number 3033) This is the instrument that is used all over the industry and it does require initials. There is some doc prep software that cuts fannie mae forms low so the fannie mae number and the spot for initials do not appear. I differ from what appears to be the norm and have each page initialed.

Reply by Ted_MI on 2/12/05 7:22am
Msg #20350

Re: Most mortgages are Fannie Mae Uniform Instruments

I agree in general terms. I usually have the borrowers initial the bottom of each page except the signature page and the notarization page. My recollection from my legal days is that it is redundant to have the borrowers initial the signature page, a page that they have already signed. And I am not sure if there is any real point in their initialling the notarization page.

Now have I seen mortgages in packages that have initial lines on every single page including the signature page and the notarization page? Yes, I have.

Reply by Bobbi in CT on 2/12/05 10:31am
Msg #20368

I agree with Brenda

If no space for initials and borrowers want to initial, I let them.

HOWEVER I have had packages with Specific Instructions printed on RED paper, do NOT initial where initials are not required. I show the page to the borrowers, who are usually quite happy not to initial when they look at the 120+ pages of the pile 'o papers to go through.

I have also had instructions to have every page of the note & mortgage initialed, even though there are no lines for initials.

Simple Rule of Thumb: With every package, read the instructions and follow them. When in doubt, ask.

I have never had a packaged rejected or a complaint using this system.

Reply by PAW_Fl on 2/12/05 12:58pm
Msg #20380

Re: I agree with Brenda

Wow, that sounds a bit excessive.

For those interested in swapping links for free, please see my previous post (msg #19901) http://www.notaryrotary.com/forums/forumsbody.asp?id=PNA735OO&forumid=1AAA00000003&messageid=1AAA00059770&action=view&rid=&replytonbr=&replytoid=&subject=&format=flat

(Hopefully the link above will take you directly to it. If not, use the SEARCH button.)

Reply by PAW_Fl on 2/12/05 12:58pm
Msg #20381

Oops, message posted in wrong place.

Reply by Ted_MI on 2/12/05 7:49pm
Msg #20419

Re: Oops, message posted in wrong place.

heh, Paul with all the significant contributions you have made to this board (and probably gmn also, I presume), I sure everyone on this board will accord you a minor screw-up now and then. *S*

Reply by BrendaTX on 2/13/05 2:14am
Msg #20451

Re: Oops, message posted in wrong place.

Ted: "I sure everyone on this board will accord you a minor screw-up now and then. *S*"
-----
Speak for yourself, Ted.

I have chosen to make a note in my Official Record of Daily Events by date. And, it is also indexed under:

Section F - *F*orum Posting Mistakes by Others
Sub-section - M (Mistakes)

Cross-reference Index P (Paul)

My husband used to say that I had a memory like an elephant. He did not know about the Official Record.

Reply by CaliNotary on 2/12/05 11:21am
Msg #20370

I can't remember what company it is, but I did have one company kick back a right to cancel because I had the borrower initial next to the handwritten date. Apparently the signing service was supposed to send me an instruction sheet warning me against doing this, but they didn't so I had no idea.

This particular signing happened to be literally right around the corner from me, so I went and had them resign it for free. I defnintely would have charged if I had to make a "real" trip to have it corrected.

I wouldn't assume that oversigning is necessary ok on all docs. In most cases it's probably not going to be an issue, but why take the chance? I've never had docs kicked back to me because I didn't have something initialled where there was no space indicating initials.

I really don't understand why so many signing agents try to second guess what's required by the companies. If they want something signed or initialled it's THEIR job to make sure it's indicated, it's not our job to guess as to whether they want it or not.

Reply by shallena_MI on 2/11/05 4:50pm
Msg #20286

If there is no place for the initials I would leave them off. Some lenders mortgages do not require it.

Reply by ItsMe123 on 2/13/05 3:32pm
Msg #20519

When I say Mortgage I don't mean all 120 pages

Terminolgy in this busienss is very important. Mortgage doesn not mean the entire package as the mortgage is a very small part of the package. The mortgage is the mortgage, the note is the note. When I say most mortgages are Fannie Mae Uniform Instruments, I mean the mortgage. How someone translated that into all 120 pages is beyond me. There is a reason why one would say Mortgage in particular.