Posted by Virginia Doyle on 2/18/08 5:33pm
Msg #235878

What would you have done?

I did a Countrywide refi on Saturday and had to fax back several pages for "quality control". As any of you who have done these knows, there is a form called "Borrower Agreement and Certification" in the package.

I would like to point out that this was not SOX, however, the correction request sounded like it was from SOX.

Item 4 (a) asks for the name of the current first lien holder - the current first mortgage.

Item 4 (b) asks for what documentation was furnished at the time of the current first mortgage.

Item 4 (c) (1) asks for other loans, liens, or encumbrances against the Subject Property. The answer in this case was "none". Item 4 (c) (2) has room for another "other loans, liens, or encumbrances against the Subject Property", so in my humble opinion, if there is NONE in 4 (c) (1), why would you have to put "none" in 4 (c) (2)? I think that the answer "None" is quite clear that there are no other liens. But I got a call from quality control telling me I had to have the borrower fill in the word "none" in 4 (c) (2) also. It certainly seems redundant to me. If there's none in the first instance, how could there be any other answer to the second part?

You can comment on this and make me either feel very good or very bad about my irritation at this, however, I have never previously asked the borrower to say "none" twice when "none" once seems to be a sufficient answer, and no one from a quality control department has asked me to have the second one answered also.

Reply by Lee/AR on 2/18/08 5:37pm
Msg #235879

You have to understand...this is an entry-level job & in order to keep it in these slow times, they must find something wrong.

Reply by NCLisa on 2/18/08 5:48pm
Msg #235880

Countrywide is just happy if they are filled in at all. It seems that most notaries are having the borrower sign, print and date, and that is it. I'm now starting to see the TC or the LO handwriting the info in themselves and emailing with the docs. I've had several borrowers write in "see loan application" in those areas, as CW has that page of of the 1003 that shows all the liens on the subject property.

Reply by MelissaCT on 3/14/08 4:10pm
Msg #239316

It "could" be possible to have a loan in 3rd position in chain of title & have refi'd a 2nd into a 1st, so none would be correct for the second loan space, but not necessarily so for the 3rd.

Hey, before anyone tells me I'm wrong, I had a borrower once who held a LOC for a property they had already sold. They got upset when that line got closed after a refi. Since it had a "0" balance, it had never been closed -- glad I didn't buy my residence from them!! Imagine someone having a LOC against your property that they could access at any time? Apparently, no one knew about it when the property was sold -- love to know who those attorneys were.