Posted by las_CA on 5/19/06 9:09pm
Msg #121192

Have a question about the DOT

Doing a signing this weekend for a LO and the lender is Greenpoint Mortgage.

My question is, none of the pages on the DOT are to be initialed. Only the signature/last page. Even if there is no room for the borrowers to initial, do You still get them to initial at the bottom, or do you just leave it be.

Thanks in advance for your opinion.

Las

Reply by TitleGalCA on 5/19/06 9:14pm
Msg #121195

No, leave it be. If they don't ask for it, you shouldn't assume they need it.

Reply by las_CA on 5/19/06 9:15pm
Msg #121196

thx nt

nt

Reply by dickb/wi on 5/20/06 3:23pm
Msg #121271

title gal is correct.......i am seeing more and more of the docs with out initial lines....it makes things go faster........you have to watch the 1003's....some have initial ines and some don't....

Reply by PAW on 5/20/06 3:34pm
Msg #121274

About the 1003 ...

Some interesting things I've run across this year with the new 1003's:

1) Some lenders want everyone to sign the top of page 1, whether there is only one signer to the note or multiple signers. (I disagree with this since the intent is for the applicants to apply for JOINT credit, but some lenders just don't seem to get it.)

2) Some pages have only initials, typically pages 1, 2 and 3, sometimes not. Some pages only signatures, typically pages 4 and 5 (with a possibility of multiple page 5's), and page 1 as discussed above.

3) Some pages that have spaces for signatures (typically pages 4 and 5) may ALSO have places for initials at the bottom of the page.

4) Some lenders do not enter anything on page 5 (continuation page).

5) The mortgage/DOT should match the information on page 1, labeled "Title will be held in what Name(s)" and "Manner in which title will be held".

Reply by MistarellaFL on 5/21/06 5:15pm
Msg #121349

Re: About the 1003 ...

I agree!
It is NOT "uniform" any longer.
And I agree that there is much confusion about who signs it, altho it is very clear (to me anyway) that it's for more than 1 brw applying for JOINT CREDIT.

Reply by Joe Ewing on 5/20/06 4:13pm
Msg #121277

I have yet to see a DOT that required an initial on the signature page (only). Commonly when the Deed has a requirement for initials, all pages are initialed except the signature page.

Reply by NC_NSA on 5/20/06 6:55pm
Msg #121285

Just had two seperate signings the other day. One had initials. The other did not.