Posted by Jenny_CA on 1/22/06 9:07pm
Msg #90176
I am wondering is it an automatic redraw
when a misspelled name has to be corrected or does the correction compliance agreement cover the errors? Example Masy Smith should read Macy Smith .
I had the borrowers ( each had a wrong letter in their name) cross out the wrong letter ,insert the right one, initial the change, and sign. The whole package was this way. The LO said they would take care of it later. Is the loan simply reprinted with the spelling corrections?
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Reply by TitleGalCA on 1/22/06 9:13pm
Msg #90177
Hey, Jenny.
***Is the loan simply reprinted with the spelling corrections?***
Sometimes, and sometimes not. If LO/BO is in a hurry, many times they (the LO) just authorizes the TC to make the changes to the original docs just prior to recording, for those docs that are going of record. When that happens, escrow or title will fax back those changes to LO before funding.
Other LO's reprint (and resign) the loan.....or any combination thereof. It all has to do with timing, in my humble opinion...and several grey hairs.
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