Posted by Toni (NY) on 6/16/05 8:52pm
Msg #45355

Mortgage H&W named as "borrower" but only one name typed

I have a mortgage that names the "borrower" as two people...a H&W. However, only the husband's name was typed in for signing...shouldn't the wifes name have been typed in and her signature on it as well? I couldn't get in touch with anyone so I had her write her name in and then sign it as well, since both were named as borrowers. The rest of the docs only had his name since he is the only one with wages, but they own the home jointly and the property is deeded to them jointly. This was a second fixed mortgage.

Did I handle it correctly?

Thank you,
Toni

Reply by Joan-OH on 6/16/05 9:50pm
Msg #45374

The Mortgage will generally reflect the vesting of the deed. In this case it seems that only the husband is the "borrower" and the wife is reflected on the Mortgage because she is either vested on deed or you are a dower state. Nevertheless, if it was a title company that I work for on a regular basis and I know what is expected of me, I would have had her sign along with the TIL & RTC because Ohio is a dower state. NY may be different.

If she did not sign the RTC or TIL, you may be in for another trip anyways.

I have, at times, when unable to get a hold of anyone, used the borrowers copies to have them sign both ways and call in the morning to see which they want back and shred the rest. Usually, one of the borrowers has email where I can email what I took with me to them to avoid a second trip. I've never had a borrower not let me take their copies to do this because they certainly don't want to resign.

Many times, in the lender to title instructions, it will specifically spell out what the spouse is to sign. Nothing there?

Joan-OH

Reply by PAW_Fl on 6/17/05 7:49am
Msg #45460

Re: Mortgage H&W named as "borrower" but only one name typed

Unfortunately I find this situation all too often. When only one person applies for the loan, docs end up being drawn in that person's name only, even when title stipulates that there are two people on title. So what often happens, is the vesting of the DOT/mortgage gets the title information correct, but the document signature lines don't. This is the fault of the doc preparer, and of course, they accuse the doc prep software.

I never take it on myself to add a signer to the DOT/mortgage, even if there are two names being vested. I will bring it to the attention of the closer at the title company and ask for direction. If I'm doing a late night or weekend signing and can't get a hold of someone, I will see if the signers are okay with me pulling their signature page to the DOT/mortgage and have them both sign one, and only have one sign the other. Then follow up with the title company on the following day to see which way is correct, before sending the docs back. That way, a return trip may be saved. Other docs that may require both signatures, usually don't require notarization so can be handled during the RTC period using the E&O/Compliance agreement.

Reply by Anne_SoCA on 6/17/05 10:29am
Msg #45498

Re: Mortgage H&W named as "borrower" but only one name typed

I had this exact situation happen to me last Saturday. Husband was the Borrower but his wife was listed on the DOT. Her name wasn't typed in for signing (but it was typed in on a couple of other docs). I was also unsure as to whether or not to just write her name in, but I've been taught that you don't want to write anything extra on the DOT.

I like the idea of taking the signature page of their copy and having them both sign! I wish I had thought of that. We had to have her sign after the fact, but luckily it wasn't a big hassle to accomplish. I'll remember that for next time.