Posted by SReis on 7/24/09 1:56pm
Msg #297290

Unbelievable in this day & age.....

Have a closing in which borrowers is to sign w/AKA. Ok, but say up front the borrower better have id that matches the name listed BEFORE the AKA. Nope (as I suspected). Rather than get it done right by correcting the deed to new married name the lender thinks thay can just throw in an AKA & that will resolve everything. They even argued w/me about it. I told them there is NO WAY I am notarizing anything except for what her current id reads & that I am baffled that they are taking this so lightly in light of the mrg fraud that has taken place over the last couple of yrs. Their going to investigate it & get back to me. Or more likely find some fool whose willing to jeapordize their notary & law license to perform the closing. I won't list which lender it is but I have done about 6 closings with this particular lender/broker & 4 out of the 6 req AKA sigs (one of which became a re-sign because corrective docs needed & the other where borrower refused to sign w/the AKA they had printed because it was a misspelling of her actual name). Makes you wonder......

Reply by CH2inCA on 7/24/09 4:32pm
Msg #297319

I'm just baffled. WHY oh WHY don't lenders ask the borrowers what name is on their IDs step one?

Reply by jba/fl on 7/24/09 11:55pm
Msg #297360

Because the BO would answer Bubba and Junebug and no one would bother looking to see if that is who they really are. People just don't think. Or they don't take care of their name changes properly. Or 1000's of other reasons that still don't require them to use their brain cells. These people are nightmares for their families when settling their estates since they just can't decide who they are.
JMO

Reply by MW/VA on 7/24/09 9:44pm
Msg #297343

I had a very strange one last night. Loan docs were all in name of Christopher Jones & Sarah Smith-Jones (ID's were same name). The tc put their docs in the names of Chris Jones & Sarah Jones, and then had them sign the DOT Christropher Jones AKA Chris Jones. That was the strangest thing I've ever seen. I'm guessing the LO referred to them as Chris & Sarah, and that carried onto the title docs. I just thought it was very wierd. I didn't have a problem with notarizing anything, since obviously Christopher & Chris are the same person. It was also covered on the Name/Signature Aff.

Reply by Pat/IL on 7/25/09 1:40am
Msg #297370

Marilyn, there's a good reason for the aka.

Any title software that I have ever used drops the names into the documents according to the existing title vesting. So, they likely hold title as Chris Jones and Sarah Jones. It is important, in perfecting the lien, to have the same names granting the mortgage as hold title.

Also, consider this: In most states, the official method of notice is by the names of the grantor(s) and grantee(s). In your example, depending on the operating system used by the county records custodian, a person searching for a DOT from Sarah Jones may not reasonably be expected to find a DOT executed by Sarah Smith-Jones. Having them indexed both ways serves to ensure proper notice of the lien.

Reply by ReneeK_MI on 7/25/09 5:27am
Msg #297376

Exactly, Pat ... and if WE are diligent at purchase closings

we can at least stop these issues from being born right then/there -by checking and making sure the W. Deeds are done correctly.

I did a refi yesterday that turned into a headache over a misspelled name - had been that way on title for years and she never knew, but all of a sudden it was darn near life-threatening?!

Reply by MW/VA on 7/25/09 9:48am
Msg #297390

Re: Marilyn, there's a good reason for the aka.

Actually, their names on the DOT were their full names, and I couldn't understand why they would have them sign with AKA on that document. It was only on the title docs that they used the shorter names.

Reply by ReneeK_MI on 7/25/09 10:46am
Msg #297402

mtg/dot ...

is part of the lender's docs, data entered into the doc by lender. In your instance, title likely used what was on public record, and then had to 'correct' lender's data (mtg/dot).