Posted by Ronda Roaring on 9/15/08 3:56pm
Msg #264280

W-9

A title company complained about my work recently for two reasons. 1) I didn't notify them when the borrower wanted to change the address on the W-9 and 2) the borrower didn't initial the change. I read the instructions that come with the W-9 and found nothing about initialing changes. Does anyone know of any rules or regs on the initialing of changes on documents, specifically what documents should have changes initialled and which ones shouldn't?

Reply by CJ/Alaska on 9/15/08 4:01pm
Msg #264282

Thats a petty thing for them to complain about, IMO.
First, the W-9 is not a loan doc and the most important piece of info
on that W-9 isnt their address at any point in time, Its the SSN..

Reply by GWest on 9/15/08 4:29pm
Msg #264283

I would have the borrower initial any changes made to any documents, after I received the authorization from the Lender/TC for the change to be made.

Reply by Ilene C. Seidel on 9/15/08 5:30pm
Msg #264285

Any document in a loan package has to be handled the same. It doesn't matter if it's a "legal doc" or not. Consider the entire loan package a legal document that way you stay out of trouble.
Bo must initial anything you change.

Reply by spnotaryplus on 9/15/08 6:26pm
Msg #264290

Ilene is correct. Any changes to any document requires that the borower initial the changes. However, the reason or problem may not totally rest with the lender directly or title who are requiring that the docs need to be initialed if changes are made. Sometimes it's due to a compliance officer in the company who makes this a big issue and not necessarily the lender or title company. Again it may not be the title company insisting on this requirement.

Steve

Reply by Mona/MD on 9/15/08 6:45pm
Msg #264291

Ilene and SP are correct better to doulble check with title co. before making any changes and then have BO inital any changes. The initialing signifies to lender that it the BO was aware of the correction. Always better to be safe than sorry. Good luck.

Reply by MW/VA on 9/15/08 7:13pm
Msg #264296

Who do notaries continue to make decisions regarding docs? That's not our job and can put you in a situation of UPL.

Reply by claudine osborne on 9/15/08 8:06pm
Msg #264304

Any changes on any doc should be initialed. After TC approval of course!

Reply by CF on 9/16/08 8:15am
Msg #264330

If I called the TC for every typo error on loan docs- my profitability would be ~ZERO~. You do not need to call a TC and bother someone to make a simple corrections. Not to mention that my clients would think that I am an idiot!!! You strick it once, make the correction have the BO initial and move one. What is the issue people? Just b/c it is slow does not mean we have lost our way!!!!

Reply by Linda_H/FL on 9/16/08 4:27pm
Msg #264398

CF, I agree with you, except in the case of a TC whose

specific instructions are "no changes made to any documents without prior approval" .... sometimes you have to make that call - I usually preface those calls with "per your instructions I'm calling for approval to have the borrowers make a correction"...<G>

Reply by ReneeK_MI on 9/16/08 10:28am
Msg #264343

Your instructions aren't ON the W9, & what baffles me ...

Your instructions come from your client. If your client wants initialing at ALL changes (as is pretty much the industry standard), then that is what you do. I'm amazed that you'd read the instructions on a W-9 and try to debate that against what your client wants.

What baffles me - why would the address on a W-9 need to be changed? I just don't see the likelihood of any one, single document having an error that isn't on the rest of the lender's docs. Sounds like there's details missing in this story.