Posted by Elizabeth Soliday on 3/27/08 6:53pm
Msg #241025

Borrower asked for voided check twice

This really irritates me because it has happened to my borrowers twice in the past couple months. The loan officer or someone else has asked them for their account information and a voided check, then they expect them to fill out another form and give ANOTHER check when I come. Makes it just a bit uncomfortable for them and me. Also, it seems they go through the same deal with homeowners insurance information, the borrowers are always irritated to have to provide it again. I wish there were better communication and connection here. Just venting...

Reply by docs1954CA on 3/27/08 7:09pm
Msg #241028

The statement of information is also a big PITA. The 1003 has all of that info on it already.I had a closing last night and those folks were really angry that they had to give them all of that info again.

Reply by ananotary on 3/27/08 7:49pm
Msg #241031

Other than the SI, if the borrowers tell me that they have

Already provided the insurance information and it's clear that it is going to be an annoyance for them to provide it again, I let it go.

Reply by SheilaSJCA on 3/27/08 9:16pm
Msg #241038

Re: statement of Information

The SI has nothing to do with the lender or the loan application, and only the most recent prior occupations ,and residences appear on the 1003, not a 10 year history, and no mention of former marriages either on the application. The SI is used by the title company only. It does not go to the lender. It is used to weed out discrepencies in similiar named parties that may have judgements, liens, etc...They want to make sure the borrowers are not confused with others having similiar names or have attached to them, items that need further enquiry. When I tell them WHY the title company needs this info, they are most cooperative to complete it. Often times there will be a cover letter of sorts explaining exactly why they are asking for this information. If that is in the pacakge, I direct them to read it in reference to why... I usually have them complete the SI at the end of the appointment, when I am reviewing the package one last time.

Reply by CF on 3/27/08 10:10pm
Msg #241043

Re: statement of Information

The "statement of information" is BS. I have had many borrowers REFUSE to fill it out. I do not blame them. Also, I am not an administrative assistant....and that form is just plain ridiculous....and not my job to make sure that it is done. Furthermore, the borrowers that do fill it out....dont even know 1/2 of the information on it. And believe you me....I am not sitting around waiting for them to figure out the address of where they worked 10 years ago. I can barely remember my own address where I lived 10 years ago. Compelete PITA!!!!!!!!!!!!!!!!! The worst time killer and profitiability killer. I have this form take up-to 20 minutes to be completed!

I do not really see it that much anymore- that is a good thing!!!!

Reply by Pat/CA on 3/27/08 10:12pm
Msg #241044

Re: statement of Information

Strange because I'm seeing it a lot more! Could be my state... quite known for identity theft, etc.

Reply by Linda Juenger on 3/27/08 10:43pm
Msg #241052

I haven't seen it in my pkg's for months. Hopefully its gone n/m

Reply by Joan Bergstrom on 3/27/08 11:13pm
Msg #241059

Why loan signers don't get another assignment?

Put the "statement of information" at the bottom of the docs and have the borrower fill it out while you are checking your documents.
Maybe this is the problem and you don't check your work before you leave?

This post is so bad that I am not sure if CF isn't just "putting us on?"

Reply by CF on 3/28/08 7:40am
Msg #241077

Joan- not too sure what you are saying?

I have numeruos repeat clients and have performed over 3500+ signings in the past 4.5 years. I have clients that I have worked from from day 1- that still call me.

My post did not say to put it at the bottom?

But after thinking this over some more- I have decided that I will tell borrowers to fill it out and fax it back- once again- I am not an administrative assistant and if someone needs this information- then they can do their job and get it filled out! Also, I have not been seeing this in my packages for a while....so I think that it is not being used in MI- much anymore.

Reply by sue_pa on 3/28/08 8:53am
Msg #241088

Re: statement of Information

It's a CA form - that's why the rest of us think it's total BS. That form surely won't clear a judgment in PA. What in the world does where someone worked 10 years ago have to do with title issues? WHAT IN THE WORLD DOES SOMEONE'S CHILD'S NAME HAVE TO DO WITH TITLE ISSUES? Judgments don't last 10 years in PA unless revived (before someone corrects me, I realize they're there forever but we're talking practical here).

How much fun is it when you've got a young couple married a short time - especially if they think they're supposed to come up with the places they've lived while in college and their apartment living days. Not on my time - give me mom and dad's address - again, because it's a TOTALLY useless form in PA. What about that housewife who takes on part time jobs here and there - 10 years can elicit 20 responses from her. Great way to clear judgments knowing that she worked at the grocery store, dentists office, convenience store, school office, etc., for a few months here and there. You're right CF, TOTAL BS other than in CA.

One more time, can a CA title person tell me why your child's name can clear a title problem?

Reply by GWest on 3/28/08 11:47am
Msg #241131

Re: statement of Information

In California the Statement of Information is completed since a Buyer/Borrower/Seller may have a lien against them and that lien is required to be paid if property if sold, refinanced or purchased. All parties names are run at the beginning of the transaction and again prior to recording. Depending on the type of lien, they can attach to the party for up to 10 years (i.e. Federal and State Tax Liens)

If a client does not want to complete the Statement I advise them that title could possibly pick up a lien recorded again someone with a similar name just prior to recording their transaction and if title does not have the Statement of Information with them, they may have to stop the recording to verify if the lien is against you or another party with the same name. This could cause a delay in closing their transaction.

The reason the forms asks for children's names is a lot of people have children with the same name. The lien could be against the child and not the parent.

Reply by JanetK_CA on 3/29/08 12:26am
Msg #241248

Re: statement of Information

True enough. And I can recall a couple of times (one quite recently) where the package included a Same Name Aff, where the borrower had to swear they weren't the same Joe Smith as the one named in such and such lien.

Reply by MikeC/NY on 3/27/08 10:54pm
Msg #241055

Re: statement of Information

<< The SI is used by the title company only. It does not go to the lender. It is used to weed out discrepencies in similiar named parties that may have judgements, liens, etc...>>

I would think they'd want to do that before the papers are signed - the title search would have discovered any judgments or liens, so having them fill out an SI at that point in the game is not going to be helpful.

I've received packages that include what I call a "not me" affidavit - a list of judgments for people with the same name, and the BO is swearing it's not him/her that the judgments refer to. This is for the title company only, to clear exceptions to title. Sometimes it gets interesting - one BO discovered that her ex-husband had several judgments against him, dating back to when they were still married, that she had no idea about.

Reply by Elizabeth Soliday on 3/27/08 11:24pm
Msg #241063

To clarify, it is the form for wired funds (usually TC specific) that I am talking about, they said they already completed one and gave a voided check. I understand why they are concerned, I would be too. As for the insurance information, it happens all the time, I just try to get them to give the pertinent info.