Posted by MBCA on 11/2/05 10:09am
Msg #73648

ID and Loan Docs

Just been back reading some of the posts on notorizing docs without proper ID, misspelled names or middle name added to docs when DL only gives 2 names, too much, too little!

Question: Why can't the person who is taking the info from this potential borrower at the beginning of the loan process ask him/her to pull out their ID, DL, Passport or whatever and give them the correct spelling of the, name (the whole name). My sister insists that people call her 'Sunny' when her name is Pauline! Is the lender treating these people with kid gloves because they don't want to lose the loan? I can see some poor notary trying to make sense out of docs that have 'Sunny' on them when the name should be 'Pauline'!

Guess who gets accused of holding up the loan and not being cooperative when we refuse to notarize something that's improper!

Reply by Art_MD on 11/2/05 10:25am
Msg #73655

I agree that there is a lack of attention to detail on the part of the TC/lender/lo. I've talked to many of the borrowers who said "I haven't signed my full middle name in years".
In general, the name that appears is either 1) the name that was used when applying for the loan or 2) the name that is on the deed.

Lack of attention to detail by the paperwork preparers causes the problem. I find it's not unusual for one batch of papers, the main docs from the lender for example, to be one name throughout and the title docs to be a variation of the name in the lender docs. Main docs may be John Joseph Brown III. Other set may be John J. Brown, John Joseph Brown, etc.

Part of the problem arises because many home buyers realize that the purchase has a bunch of legal papers and want to be sure they are doing things right so they have title in their full name - even if they don't normally use it. Then when they get DL, credit cards etc. they don't use the same name as they did on the title. I just looked in my wallet and see that I have 3 variations available - first, middle and last; first, last; and first, MI, last.

Maybe what we have to do to avoid no signs is::::
At time of confirmation of appointment, ask what name is on their DL. and compare with the docs. If the DL isn't sufficient, get it straight before going (call SS/TC/LO etc).

JMHO

Art

Reply by PJM/MI on 11/2/05 2:05pm
Msg #73718

I am in the process of my own re-fi (oh boy!) and I told the lo the loan is to be in my GIVEN name, as there are 2 other people in this country with the same name as me. And one of 'em is not a good person. Her credit is really bad! When I received my RESPA..guess what? No middle name! GRR!!! I fixed my name on all the docs( felt like one of my borrowers!), initialed the change, and sent it back with a note stating my LEGAL name is to be on ALL docs or I will not sign. I know how my title is vested at the Register of Deeds and I want it the EXACT same way this time around. GRR to the loan officers!