Posted by SamIam_CA on 6/25/05 6:00pm
Msg #47791

Error on DOT - any advise?

Just received docs for a signing on Sunday. Both map quest and the package's 1003 show the borrower's zip code as 12345. The DOT/note etc have the zip code as 12346. Of course no one is at the escrow or title co. I was hired by the broker and he says 'let's not worry about it and just get them signed'.

So of course, I'm worried. Assuming the zip does turn out to be incorrect on the DOT/note
Would you A) ignore the error or B) have the borrowers change and initial by the zip code on all of the docs. Thoughts?

Reply by TitleGalCA on 6/25/05 6:20pm
Msg #47797

hi Sam. Most addresses that are listed on the lender docs are based on the title report the lender receives from the title company. Those addresses (and zip codes) are not infallible, but for the most part are pretty accurate as they are based on the legal descriptions and tax assessor info. There are many times I get calls that the "appraiser info and the prelim don't match, what do I do"? Most times (not all) the title report is correct.

Probably more info than you wanted but - I wouldn't change a thing on your docs (especially for just a zip code). Let the title company/escrow noodle it later. If brw notices, I'd tell them it's a typo and the lender/escrow can correct it (or whatever other creative thought you might think up to explain it).

JMHO

Reply by TitleGalCA on 6/25/05 6:23pm
Msg #47800

one disclaimer...

If lender made a typo (we know the typos/problems on lender docs lately) I still wouldn't change it. Lenders I work with have heart failure for changing their docs.

Reply by PAW_Fl on 6/25/05 6:25pm
Msg #47801

Not a big deal, and possibly may even be correct. If the property is located on a zip boundary, the physical address may be in one zip code, but serviced by the Post Office in the adjoining zip code.

Of course, it could simply be a typo. In which case it can be corrected by the E&O/Compliance Agreement provisions.

Just make a note of it, **do not change the DOT** or any of the documents, attach a sticky to the first page of the DOT explaining the 'possibility' of an error in the property address as well as one on the top page of the stack when you return the docs. Notify title/ss first thing on Monday.

This is assuming that you have no instructions on how to handle an incorrect spelling or address. Read the instructions very carefully.

Reply by SamIam_CA on 6/25/05 6:42pm
Msg #47803

Yea!!! I LOVE this board - thanx PAW and Title Gal. I was 98% sure that the E&O was intended for stuff like this. Plus the fact that mapquest has sent me some pretty bizarre directions. I'll just put a sticky on the page and do a Paul McCartney (let it be).

Reply by Barry/FL on 6/25/05 10:32pm
Msg #47850

My policy is, "When in doubt, do nothing." Let the parties involved work it out. Most lenders do not want corrections made on the DOT because it might not be recoradable at the court house. Needless to say this varies by state and county.

Is there a "Limited Power of Attorney" in there, or an "Errors and Ommissions Agreement?" If so, let that take care of itself. In any case, I would not touch it without authorization, and technically, you have already been advised by the broker.

Reply by dana/CA on 6/25/05 11:05pm
Msg #47856

Would you also put a sticky for a missing legal on a DT?

Reply by PAW_Fl on 6/26/05 6:00am
Msg #47894

Not only that, but a call to the title company (or SS) to have a copy of the legal description faxed ASAP as the signatures on the DOT/mortgage cannot be notarized without all attachments. This is per FL statutes and many other states have the same law. A document is not complete without the "Exhibit "A" attached hereto and made a part hereof". We cannot complete a notarization if the document is incomplete. [Fl s. 117.107(10)]

Reply by JanetK/CA on 6/26/05 1:33am
Msg #47884

I had one like that last week. Turns out that the home is in a newly incorporated city and the zip has been changed. However, it had been recorded previously with the old zip code. We checked just in case and were told to leave it alone. Seems like you got some pretty good advice here!