Posted by YANETH-CA on 6/16/05 11:12am
Msg #45138

FORMS TO FILL IN.. LOAN PK

HELLO EVERYBODY,
CAN SOMONE TELL ME IS IT COMMON FOR A LENDER TO SEND FORMS FOR THE BORROWER TO FILLOUT DURING THE SIGNING?

Reply by Kim_NJ on 6/16/05 11:19am
Msg #45139

Yes, sometimes a General Affidavit is included which may require the borrower to fill in address, social security number, birthdate, any AKAs, etc. Sometimes the lender / TC will have it completed prior to sending, other times it is blank. If blank, make sure all blanks are filled in before notarizing.

Another form the borrower may need to complete is the automatic payment form if the borrowerer chooses to have the payment autmatically withdrawn each month.

These are only a couple of examples - there are others that may or may not be in packages, depending on the lender.

Reply by YANETH-CA on 6/16/05 11:26am
Msg #45144

THANKS FOR YOUR RESPOND. THE REASON I ASK IS I HAD I SIGNING YESTERDAY WITH FORMS TO FILL IN WISH DID'T NEED TO BE NOTARIZED THEY ONLY NEEDED TO BE FELTOUT AND SIGNED ONE FORM ASKED ABOUT PROPERTY INFORMATION AND SOME OTHER QUESTIONS THAT NEITHER THE BORROWER OR I WHERE ABLE TO GET AN ASWERD RIGHTAWAY .

Reply by SonkatNJ on 6/16/05 11:35am
Msg #45152

Lately there has been a 10 year history form included that requires personal background information from marriage to employment history to property lenders, etc. It takes a bit of time for both borrowers to fill in and is very invasive.

Reply by Sara-NV on 6/16/05 11:42am
Msg #45161

10 Year History Form

I hate it when that form is in the package! I've wondered why that is necessary; I feel that most of the information asked for is already known by the lender, from title searches, credit reports, etc. I've had some borrowers get kind of irritated when they have to list childrens' names. Some borrowers have a very difficult time recalling address and previous employer info for the past 20 years. I don't understand the reason for questions like that.

Reply by Forest on 6/16/05 11:58am
Msg #45169

Re: 10 Year History Form

I see that "staement of information" form in about 50% of my packages. It comes from the TC and yes the lender already knows this info or we wouldn't be there in the first place. Since the TC can get this info from the lender with just a fax, I think what they're after is something detailed with the borrowers handwring on it. One more layer of ID & security. I just wish they would fax it ahead of time 'cause it's a pain in the @ss. IMHO

Reply by Sara-NV on 6/16/05 12:00pm
Msg #45171

Re: 10 Year History Form

Yes, they could fax it to the borrowers beforehand and then the notary can include it in the return package. I've even thought of faxing the form to the borrowers ahead of time.

Reply by Forest Sisemore on 6/16/05 12:07pm
Msg #45178

Re: 10 Year History Form

You go girl!

Reply by Victoria/FL on 6/16/05 12:15pm
Msg #45181

Re: 10 Year History Form

I usually have them complete it when I am re-checking my documents for signatures and dates (at the end of the appointment). This way I'm not just sitting there watching them fill out the form.

Reply by Victoria/FL on 6/16/05 12:10pm
Msg #45179

Re: 10 Year History Form

The reason they ask for all that information is because if the loan goes into default and the lender cannot reach the borrower (i.e. phone is disconnected, borrower no longer employed at same company, borrower moves out hoping to find a buyer or renter) they can utilize that information to find them. That's why you are asked to provide references on a loan application. It's not so that the lender will contact your references so they can vouch for you, it's so the collector can call them to find you. Although the collector can't discuss the reason they are trying to find you, they can persuade your friend or relative to tell them where you are ("I have a really urgent matter I need to discuss with them" "It's an emergency!"). The friend or relative usually gets so tired of the collector calling, that they finally relent just so the collector stops calling them! If previous addresses are listed, a borrower may move back if they go into default and the collector can use that info. Trust me, it works.

Reply by Sheila Meinecke on 6/16/05 12:21pm
Msg #45185

Re: 10 Year History Form

the statement of information form (usually the 10 year history,) originates with the title company. The title company usually sends it by snail mail to the borrower to fill out when escrow is opened (both refi or purchase). Often the borrowers sit on it, and don't send them back. The title company needs this information direct from the borrower, so when they are clearing title to the property, any discrepencies or similar names with title claims, liens, judgements etc can be accounted for and addressed. It seems invasive, but the title company wants to make sure there is no clouds on title, and if borrower names are common enough, there is often lots of similar names with liens filed etc.

Reply by SarahBeth_CA on 6/16/05 12:36pm
Msg #45194

Buyer Fire Insurance Information Letter

This was included in the Escrow paperwork fax. The instructions sheet for the escrow pack says "to be signed and dated with docs. This just has blanks for the Insurance Co info, nowhere for borrower to sign and date. Do I have the borrower fill this out?

Reply by SarahBeth_CA on 6/16/05 12:41pm
Msg #45199

Re: Buyer Fire Insurance Information Letter

so then I flip to the next page and find the paper for 10 years info..

Reply by Sheila Meinecke on 6/16/05 12:42pm
Msg #45200

Re: Buyer Fire Insurance Information Letter

Yeah, sometimes the borrower states they already gave them the info (on the phone) but escrow wants it in writing for their records

Reply by ERNA_CA on 6/16/05 12:44pm
Msg #45202

Re: Buyer Fire Insurance Information Letter

They do want the insurance, agent and agents phone number usually, as they do have to contact them to have the insurance reinstated for the new loan. Most of those forms do not have a signature line just space to fill in info on insurance co. agent and agents phone number. Did they ask for that particular form to be signed and dated or did the fax include other forms that required signatures and dates?

Reply by SarahBeth_CA on 6/16/05 1:06pm
Msg #45208

Re: Buyer Fire Insurance Information Letter

It was a 31 page fax that had handwritten instructions by the Mortgage Co. They probably did not know exactly what was in the paperwork. It has no signature or date line. Other than the fire and the 10 year info the other docs were just sign and date stuff.

Reply by ERNA_CA on 6/16/05 1:36pm
Msg #45226

Re: Buyer Fire Insurance Information Letter

Thouse usualy dont have a signature space. And are just for borrower to fill in the info requiered.

Reply by CAtitlegal on 6/16/05 2:52pm
Msg #45249

Re: 10 Year History Form

You are right Sheila - and there's NO other reason for it. The TC must be able to give clear title, via the title insurance policy. When a title order is opened, and John Smith is the seller...I wonder how many of those there are in say...LA county? The title company has to weed through years and years of tax liens, state tax liens, judgements, lis pendens, and god only knows what else to figure out which John Smith they're dealing with, and which John Smith has to pay off liens before they can sell to a new buyer.

Speaking of a pain in the [e-mail address] doing this without the SI.