Posted by Anonymous on 10/22/05 7:24am
Msg #71857

"Financial Docs NBS"

I've done a search and seen different opinions. Are the financial docs just the mort and note or are they also the til ? Iwas instructed to not have the NBS sign the TiL and was a little leary. Anybody else run into this situation? TIA ( the NBS did not have a sig. line) Is it up to the lender?

Reply by Teri_PA on 10/22/05 7:54am
Msg #71861

Chase does not require the TIL to be signed by non-borrowing spouse- and there are quite a few others --- but this one pops into mind first

Reply by REE_NJ on 10/22/05 11:51am
Msg #71887

The main document the non-borrowering spouse will always sign is the Mortgage and the Notice of Right to Cancel. I have found depending on the lenders, they may request the NBS sign the TIL, Itemization of Amount Financed and Compliance Agreement. Always confirm prior to closing with the co. so you cover yourself.

Reply by PAW_Fl on 10/22/05 1:25pm
Msg #71897

Be careful when saying "always", especially when it comes to the Nobs. There are times when a non-borrowing spouse does not sign -any- documents. But, if they are entitled to Title 12 protection (Right To Cancel), then they also must be provided the information that is contained on the TIL, and thus, if the Nobs sign the DOT/mortgage and RTC, then typically they should also sign the TIL, and any other documents the lender or title company deem necessary.

Reply by Jenny_CA on 10/22/05 1:34pm
Msg #71898

Just want to make sure I understand. I know the docs the non- borrowing spouse usually signs but I only have them sign when their name is on the signature line or when I am instructed to have them sign, otherwise I don't decide for the lender or TC. Right?

Reply by PAW_Fl on 10/22/05 1:45pm
Msg #71900

If you know there is a Nobs, and you know that the Nobs' name isn't on any of the documents, you can't assume that it should be there. You need to be told by whoever hired you, the title company or lender. As a prudent NSA, when you notice this situation, I suggest that a call to the title company/lender may be in order, as it may simply be an oversight. This happens frequently when only one person does all the leg work in getting the loan. They fill out all the preliminary paperwork, including the 1003 and the broker and lender don't really check it any further. And the instructions to the title company don't necessarily include the Nobs, but the vesting shows "so-n-so, a married person" (or something to that effect).

Reply by Jenny_CA on 10/22/05 2:11pm
Msg #71904

Thank you, I will be prudent and call the next time this situation arises. :-)