Posted by twil4_WI on 10/28/05 2:11am
Msg #72816

statement of information? more like application!

what does everyone think of these? I have been getting more and more of these included in the package from the title company for the borrowers to fill out at the signing. These are getting more and more lengthy and personal, and I have had several borrowers now get angry at the invasion of privacy of the information they request; such as: their last 10 yrs addresses, all of their marriages, names of the former spouses and dates of marriage and divorce, full names of all of their previous "domestic partners" and their ss #'s, all of their childrens full names and ss#, and names of their spouses if married, occupations of previous spouses, they are getting more and more personal. the heading says it aides the title co.s in performing searches for title ins., but by the time the signing is taking place, this work is done! I am asked constantly why, at a closing, they would be requiring this personal info. I find it completely offensive myself, and am embarrassed to present them! They have these folks in the vulnerable position of fear of loosing funding, so they think they will fill out anything. I also resent that as the signing agent, I am meant to sit there at the end of signing and wait the hideous length of time it takes a borrower to gather all this info that should have been done wwwayyy prior to my setting a closing. One fellow even got on the phone to call his grown son and ask for his wifes ss# to put on the info statement, and the son is arguing he doesnt want her ss# on there. I was there another 45 minutes while he insisted he get this info, for fear of loosing the loan. I have had others just refuse and put NA. Any thoughts or experiences with these?

Reply by Kerrie Debney on 10/28/05 2:19am
Msg #72817

Send it back w/ a note that says 'brwr refused to sign this document. Information pertaining to this loan has been given & should be on file' Have the brwr initial it. That is of course if the brwr has a problem w/ filling it out. It sometimes is req'd to be filled out by the Escrow Officer, not the notary

Reply by Art_MD on 10/28/05 7:01am
Msg #72821

Re: statement of information? common responses!

Common responses:

1. "They already have all that info"
2. "That info is none of their business"
3. "I'll fill in the top part, the rest they don't need"
4. "tell them I'll send the info later" (yeah, right!!)

Art

Reply by newlysmomva on 10/28/05 8:03am
Msg #72834

Re: statement of information? common responses!

Although I agree that this seems to be "after the fact", I remember doing a title search where the lady had remarried three times. It was a nightmare. Something like this would have been a godsend, but not at the closing table.

Reply by Kath_CA on 10/28/05 9:30am
Msg #72843

Re: statement of information? common responses!

I agree that these forms ask for too much personal information, and are obnoxious to complete, but they are nothing new. I've had to fill them out for any RE that I've purchased in the last 30 years. And I haven't seen much change in the form itself. How you approach the borrower with the form can make a difference. I just have the borrowers complete it to the best of their ability at the time of the signing and leave it at that.

Reply by Kath_CA on 10/28/05 9:44am
Msg #72845

Re: Just another thought

Have the borrowers complete the form first while you're doing journal entries or going over the docs. That way everything moves quickly once you start the signing.

Reply by Signing_Doc on 10/28/05 9:56am
Msg #72849

Re: Just another thought

another idea is to have them fill it out the very last thing. While they are doing that, you can recheck all the docs for signatures, stamps, dates, etc. It takes about 5-10 minutes to fill out and that should be time you can cya on yourself. "Doc" Stuart, Las Vegas NV

Reply by Brenda/CA on 10/28/05 10:47am
Msg #72858

Re: Just another thought

I agree, I have them fill out this form at the end. This gives me time to go through the docs and check that nothing was overlooked. However, I also think this is information that should be taken when the loan process is first started, not at the closing table. I have had alot of people ask me why this info is needed now, and alot that say they already gave all this info, others simply refuse to complete the form.

Reply by SheilaSJCA on 10/28/05 12:35pm
Msg #72873

Re: Just another thought

I have this explanation on hand, as given to my by one of my favorite title companies.
This statement of information has a purpose as described below.
"There really is a reason for your request for you to fill out this statement of information. We don't want you to think that we are unnecessarily interested in your personal affairs. we have been askd to insure the title to real property in which you are interested, and if you give us the information called for, it will help us do our job quickly and accurately. All information will be treated as confidential.
Our states population is growing rapidly. Please think for a moment how many of our residents have the same or similar names. In processing your order we will inevitably encounter judgements, bankruptcies, divorces, income tax liens against persons whose names are in some way similiar to yours. Such matters must be considered unless eliminated by information showing you are not the person involved in these difficulties. You see, then, that we need to know something about you and your spouse, if you are married, so that we may ignore all matters not directly related to you or your property.
By completing this form in full, you are helping to make it possible for us to give you the kind of sevice we are sure you would like to receive."
(ps. they are often mailed to clients ahead of time, but often, they are not returned, so they are filled out in escrow)
I also have them complete either this form when I am entering journal info or rechecking docs. Hope this helps

Reply by Art_MD on 10/28/05 12:42pm
Msg #72876

Re: Just another thought - Sheila

By the time the package gets back there is not enough time to go and do any checking re: title, liens etc. All that has been done before closing date has been set. I've had several closings where there are forms to be signed and notarized saying in effect "I am not the john Q. Smith who has tax lien #12345 filed against him in circuit court." The title insurance binder has already been given.

Art

Reply by Mike_WI on 10/28/05 3:28pm
Msg #72910

Re: statement of information? common responses!

If I am loaning someone 100's of thousands of dollars they are going to tell me some personal information about themselves. I do however agree it's a little pointless to get this info at the closing table. I should be part of the initial application and that's all.

Reply by TitleGalCA on 10/28/05 10:06pm
Msg #72956

Re: statement of information? There is a reason.

After all the posts about "obnoxious" and "personal information" and it's a "pain"...yes, there is a reason for this.

It's required by the title company. In order to insure a sale or a refi, the title company MUST know if there are liens or judgments against buyers and sellers in a transaction. Most important are the names, maiden names, and SS number, and past addresses in order to determine if liens or judgments "hit" the person who's filling out the form.

If John James Smith is party to a real estate transaction, you must run that name through a title plant of information - where names, recorded documents and other legal information is posted and cross indexed. If there are 50 John Smith's in the greater LA area...how do you determine if your Mr. Smith owes back child support liens? How do you know if he has an IRS lien against his property that must be paid off before he can sell his property? An IRS lien is very serious lien against real property, and as a buyer, I want to make sure my property is free of liens, and SO DO LENDERS before they fund their loan.

Title insurance is a very necessary part of a real estate transaction, relied upon by lenders and providing assurance to the owner. If you just purchased your new home, wouldn't you want to know that there was insurance in place, that guaranteed you held title to that property, free of any liens or encumbrances other than your own deed of trust?

Generally, escrow has buyer fill this out at the time the purchase contract is provided to escrow (at least in my area of California). However, most LO's will also include one in package of loan docs because they want to make sure their loan is also insured by the title company, free of liens.

Ask your borrower if they've filled out one for escrow. In my experience, 98% of the time, they have by the time I sign them. If escrow does not have a completed SI (Statement of Information) in the file, they WILL obtain it, before close. If borrower says they haven't filled one out, then have them do so.

I don't have a clue why they have to post the names of their children. The form has been in use for a very, very long time, and I'm sure some great minds at TC and LO underwriting staff's created the document and practice. It's just part of the process.

Reply by christiSocal on 10/29/05 3:53am
Msg #72971

It's all in the presentation ;-)

I just say because of id theft "they" need to know everything the borrowers done for the last 10 years " where you've lived, all marriages, what you bought at the grocery store yesterday... at that point they laugh and get to work, while I double check the docs. Never had anyone refuse. (gripe maybe)

Reply by sue_pa on 10/29/05 7:55am
Msg #72980

totally disagree

for my state. I've thought this before and I still think it's true that this is a CA form. We don't have title plants here. There is no way in the world a title company here would remove a judgment just because a borrower filled out that form. Where a person worked 10 years ago and info on their children has NOTHING to do with title issues. In my state, overdue child support constitutes a lien on the property but it is indexed only as to the person paying, not by the child's name so that argument won't fly there. If a similiar name shows up with a judgment they then investigate further but a title company would NEVER take it upon themselves to remove a judgment because a borrower filled out a generic info sheet.