Posted by cheryl/md on 5/19/09 11:40am
Msg #289028

Prince George's Finance Affidavit

State of of Maryland. I do closing for other Counties and found the PG Finance Affidavit sometimes included. Either the borrower will not sign it, because their property is not PG or I will not have them sign it. What is the rule for this form. My closings are done in other counties, not Prince George's. Why is this form included and do you notarize and have borrowers sign. I have notified companies to let them know it was not signed and they would say their mistake. Another settlement company has insisted it be sign. I tried to explain this is not valid. Please correct me if I'm wrong.

Reply by Linda_H/FL on 5/19/09 11:44am
Msg #289030

"or I will not have them sign it."

You have the authority to do this? I'm not in MD but if it were me I'd just do what I'm told, tell the borrowers it's required by the settlement company and get it done....let the settlement company decide.

MHO

Reply by Prosperity on 5/19/09 11:44am
Msg #289031

You are correct Cheryl. I think that most companies just don't know what county the home is in. The company who insisted probably just ended up throwing it away once it got back. I do many signings in PG County & I carry blank ones in my bag just in case the company forgot to include it.

Reply by jba/fl on 5/19/09 11:45am
Msg #289032

Sometimes I think that whoever is putting the package together is just unknowledgable and decides to take one of every affidavit available in their arsenal and put it in my packages. Now I see you get them too! LOL.

Like: Impound notice vs. waiver of impound acct., but box checked that lender REQUIRES impound acct. Where is choice there? why both?

One is enough...

Reply by Yowheelz on 5/19/09 12:10pm
Msg #289054

I always get it signed if in package, here's why

I once had to make a return trip because the TC insisted it had to be signed even though the signing was in Cecil County not PG. I don't point out to the borrowers that it is only for PG County, I just have them sign along with all the other docs. If the TC ends up throwing it away so be it.

Reply by cheryl/md on 5/19/09 12:12pm
Msg #289056

Re: I always get it signed if in package, here's why

but my borrowers will refuse to sign, because as they put it "i don't have property in PG, what kind of trick is this, i'm not signing that." so i leave it at that. you know what i'm saying.

Reply by WDMD on 5/19/09 12:56pm
Msg #289077

Re: I always get it signed if in package, here's why

I know for a fact that some counties will accept the PG finance affidavit for their purposes.

Reply by cheryl/md on 5/19/09 1:06pm
Msg #289082

Re: I always get it signed if in package, here's why

could you let us know what counties. thanks. someone just called ans tated that you can check with the courts of that specific County in question. But since you know, please list

Reply by WDMD on 5/19/09 1:21pm
Msg #289088

Re: I always get it signed if in package, here's why

The list would be those that accept it. Even though I am aware of some counties who will accept it, IMO it is not my job to decide for the provider who will or won't. If it is in the package it gets signed. If the borrower refuses to sign they need to make a note acknowledging that fact.

In over 6 years I have had maybe 2 or 3 even question the out of county form.

Reply by Ilene C. Seidel on 5/19/09 1:14pm
Msg #289085

All counties in Maryland reqire a Maryland Refinance Affidavit which is a unique form and not available on any website. PG County is the only county that offers a refinance affidavit on their website. All refinances(as long as they are occupied by bo) that have an existing loan must have a Maryland Refinance Affidavit signed or the BO can't get discount on recording stamps. If you leave this affidavit out more than likely the DOT will never be recorded. A lot of out of state title companies let this slip by since it is a unique form to Maryland. You should carry these affidavits with you and include it when the title company excludes it or puts a PG affidavit in the package. We all have to work together. If you want a copy of mine I'm happy to email it to you.

Reply by WDMD on 5/19/09 2:01pm
Msg #289100

Howard County has the generic state refinance affidavit on their website.

Here is a link to the Howard County website which has the generic affidavit.

http://howardcountymd.gov/DOF/DOFDocs/RecordationRefinanceAffidavit.pdf

Reply by cheryl/md on 5/19/09 2:02pm
Msg #289101

thanks so much for your response. I just wanted to make sure I wasn't out of the loop on missing something. I would appreciate a copy. you're right about working together. thanks for the phone calls and responses. email [e-mail address]

Reply by cheryl/md on 5/19/09 2:06pm
Msg #289103

thanks ilene

Reply by Yowheelz on 5/19/09 3:24pm
Msg #289131

There are a couple forms I always carry.

MD Refinance Affidavit
Refusal to Sign
Patriot Act ID form (in case they didn't copy ID and my photo's are iffy)
RTC Calendar

They are in a plastic sleeve attached to the inside back of my journal.

Reply by Art_MD on 5/20/09 10:19am
Msg #289286

When a DOT is recorded, each county collects a fee (varies per county). If its a refi, then IF a refinance affidavit is filed with the DOT, in general, old money is not charged a fee (old money = amount remaining on current mortgage). i.e. new loan $300,000, old loan $280,000 fee is on $20,000 IF refi affidavit is attached.

Over the years, I've seen many out of state title companies charge the full $$s for county fees on the DOT. At 1% (average), in the above case $3,000 would be collected AND PAID. The clerk doesn't question anything as long as the $$ are attached. If the affidavit is attached, $200 would be the fee. In the cases where the DOT was wrong, I explained what the line item on the DOT was - and happened to mention that the fee could be avoided. A very quick call to the LO by the borrower got this straightened out. A new HUD-1 was later sent to the borrower (before the RTC expired). I have received a couple of nice "thank you".

Only 2 counties have actual forms required - Frederick and Prince George's. So, title cos use one that's available - PG's is easiest to find and is accepted by all but Frederick county.

I have a generic form I've used for years and never had a problem or question. Use Frederick in Frederick, PGs in PG and generic elsewhere.

Anyone wanting a copy, e-mail - [e-mail address] put affidavit in subject and I'll e-mail a copy.

As a note, The PG form changes periodically - in 07 it changed twice. If you carry extras, be sure to have current version. Clerk WILL reject old versions.

Art