Posted by GregC/CA on 7/22/09 8:28pm
Msg #296963

"Modification to increase loan amount"

Hi all, I'm a newbie and was just called by a LO to do a signing for a refinance. He stated that in the docs is a "modification to increase loan amount that needs a jurat or acknowledgment attached" (exact quote). My question is, has anyone heard of a "modification to increase loan amount" in refi docs? Thank you in advance for your help. -Greg

Reply by Letty Marquez on 7/22/09 8:34pm
Msg #296965

Hi Greg,

I heard about this before but have never done one. After all you are just notarizing not doing the loan.

Reply by Jim/AL on 7/22/09 9:07pm
Msg #296970

Yes, should not be anything wrong with that, if that is your question.

Sounds like you may need an all purpose acknowledgement or Jurat (their call) to add to the document that the BO is signing approving or acknowledging the modification.

Reply by Glenn Strickler on 7/22/09 10:45pm
Msg #296986

Hi Greg,

Sounds like the appraisal came back higher than the lender thought it would and the BO wanted the extra money, so rather than begin again, this doc is used. I have done a few. If it is not clear by the wording on the document if a acknowledgement or a jurat is indicated, then call the TC. As previously stated, that is not your call to make.

Reply by GregC/CA on 7/23/09 10:21am
Msg #297052

Thanks for all your help!