Posted by cawest/PA on 3/19/10 8:20am
Msg #327971

Loan Application (3 pages JP)

One page one of the loan app (on top of the page) there is the space for the signatures for borrower and co-borrower.
Bottom of the page initials.

The upper part specifies that it is for borrower and co-borrower ... so when there is ony ONE borrower the page as to be initialed in the bottom, second page as well and third page is the one with the signature.

In this case : single borrower ...

They want me to go back to have him sign in the space where signatures are required when there are 2 borrowers ... Is that normal? I never had that before!

Reply by MistarellaFL on 3/19/10 8:27am
Msg #327973

I've been having single brw's sign the top portion of the

1003 for as long as I can recall....although there was a time I remember there was some confusion about this. (if this is what you are referring to)

Reply by John/CT on 3/19/10 8:33am
Msg #327974

Single borrower signs on top of 1003

I do the same ... notwithstanding the verbiage there .... unless instructions specify otherwise (rarely), just to avoid any problem like the one originally mentioned. Never had one bounce back.

Reply by cawest/PA on 3/19/10 8:36am
Msg #327975

Re: I've been having single brw's sign the top portion of the

I did as well till a few weeks back on a (BofA-just checked) I had to go back with page 1 of the app to have him intial it *only*, so now I have to go back to have one signing it ... I read thru the instructions and nothing specified anything on what to do so I guess from now on on single borrowers I will make an extra copy of that page and make them sign and intial on one and initial only on the other so everyone will be happy and I will not have to go out on the road to correct a bounce.

Reply by John/CT on 3/19/10 8:44am
Msg #327977

Good idea ... takes no extra time, so to speak. n/m

Reply by PSULION/PA on 3/19/10 8:38am
Msg #327976

1003 .... to sign or not to sign????

If you read the top portion of page 1 (as you obviously did) it seems it applies to cases where they are borrowers applying for joint credit ...... but it seems that most companies want even single borrowers to sign ...... I ran into a situation such as yours a while back ........ ever since ...... I have even single borrowers sign and have never had a complaint. FWIW.

Reply by Cam/CA on 3/19/10 8:47am
Msg #327978

Occasionally in the instructions I find that they want a

single borrower to sign. If I don't find it in the instructions I call the hiring party, 95% of the time they do want it signed.

Reply by cawest/PA on 3/19/10 8:58am
Msg #327979

Re: Occasionally in the instructions I find that they want a

As I said, from now on I will take an extra copy of page 1 with me and have one signed and intialed and the other just initialed ... Getting hold of someone in the evening is sometimes a pain and just do not want to waste my time but wish they would put in the instructions what they want ... one is *yes* the other is *no*
Can they not all agree?

Reply by Linda Juenger on 3/19/10 9:06am
Msg #327980

In over 5 years I have had every borrower, whether single

or joint borrowers sign the top of the 1003. Never ever has been a problem. There is no way I am going to call the hiring party to ask this question. If they DON"T want it, they will tell you, otherwise its have them sign.

Reply by SharonMN on 3/19/10 9:08am
Msg #327981

Re: In over 5 years I have had every borrower, whether single

I have the single borrower sign at the top of the 1003 and put "N/A" in the co-borrower slot - unless there are instructions to the contrary. That way you're covered if they want a signature but it's still clear it's not a joint app.

Reply by JanetK_CA on 3/20/10 5:11pm
Msg #328200

I do the same thing

Ever since I read that suggestion here -- and since a client insisted that I drive back 30 miles to get a single borrower's signature on the top -- I have everyone sign and if there is no co-borrower (whether BO is single or there is a non-borrower spouse), I have them put NA on the co-borrower line (only at the top).

I wish they'd re-design this form. To me it seems rather ambiguous and it's obvious that different people interpret it differently. Seems like they've done a good enough job of combining two different issues to thoroughly confuse most people!

Reply by Bob_Chicago on 3/19/10 9:19am
Msg #327983

This issue has been debated to death on NOTROT.

I have been convinced by PAW, that the intent of the form is to only have the
top signed if there are multiple bwrs. HOWEVER, , most lenders seem to want it
signed even in cases of a single bwr. I allways have top signed and have seldom seen instructions to not have it signed if there is only one bwr (exception, one lender [Quicken]
prints something like "do not sign" on the top of 1003 if only one bwr.)
As a general rule, you are guaranteed a second trip, if they need (want) something signed
that wasn't, but nearly never have to make a second trip if something was signed that didn't need to be signed at all or by a extra party (exception for Note if only one bwr. )
PAW has indicated that he was once questioned because he had a single bwr sign the top
of a 1003, but that is the ONLY instance that I have ever heard of.

Reply by PAW on 3/19/10 10:27am
Msg #327992

Re: This issue has been debated to death on NOTROT.

I do not have single borrowers sign the top of the 1003. And that one time that Bob refers to is the only time I have ever had a question about having a single signer sign the top of the 1003 when the lender didn't want it done. Three title companies that I worked for on a regular basis were very clear that the top of the 1003 was to be signed at the table ONLY if there were other borrowers AND were applying for joint credit. Especially during the new housing market heyday, there were many times that more than one person signed the Note, but were not applying for joint credit. Those closings included the "Joint Credit" disclosure which was required, but very rarely used. Because of the disclosure not be routinely included in closing packages, HUD decided to include the single statement at the top of the 1003 which reads, "If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below):" The paragraph preceding that statement has been on the 1003 for over 10 years. It does not pertain to joint credit. HUD confused the issue by placing the statement in the same block as the instructional paragraph. Further, HUD, lenders and title companies continue to NOT have the first paragraph completed if necessary. There are a couple of check boxes in that paragraph that no one seems to care about, except for some sharp (and possibly anal) underwriters who review the application.

Reply by MrEd_Ca on 3/19/10 9:39am
Msg #327985

I gave up long ago trying figure out which lender wanted a single borrower to sign at the top & which lender did not want them to sign there
.
My strategy is to have 2 copies of pg 1 --- on one the borrower signs at top & initials at the bottom. On the second, the borrower just initials at the bottom of the page. I send both in & let the processors choose which one they want. It seems to be working as no one has phoned me to complain since this form started up a few years back.

Reply by Grammyzoom on 3/19/10 9:43am
Msg #327987

We always have the borrower, if single, or borrowers, if more than one, sign both the top and initial the bottom where indicated on the 1003. Never once had a problem and we do a lot of BofA loans. More is always better than not enough.

Reply by Patti Corcoran on 3/19/10 10:04am
Msg #327990

Really??? I remember getting specific instructions that the top portions was "only" for those applying jointly. I'm glad that this was posted because now I guess that I too will have that portion signed whether it be a single borrower or jointly.

Reply by mtnotary on 3/19/10 10:16am
Msg #327991

I never had single borrowers sign the top

Especially after reading it and it says joint borrowers. Some don't say joint borrowers and then I have single borrowers sign.
In six years of doing this never had one bounce back....knock on wood

Reply by Grammyzoom on 3/19/10 10:53am
Msg #327996

What the 1003 actually says....

"If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below)." I does not say if this is a single Borrower you do not need to sign. My interpretation has always been that by signing the form your intention is to be an applicant for the loan whether single or jointly.

Reply by PAW on 3/19/10 12:36pm
Msg #328035

Re: What the 1003 actually says....

I am in total disagreement with your interpretation. The sentence on the document clearly states, "application for JOINT credit." It does not say "application for INDIVIDUAL or JOINT credit" in which case an individual would need to sign. Notice also, the word "WE" in the sentence. As far as I know, "we" means more than one. I think you're reading too much in to the sentence, Carol. Take it at face value, explicitly, without interpretation.

Reply by MistarellaFL on 3/19/10 12:42pm
Msg #328037

It really isn't for any of US to interpret

All depends on the hiring party, and what they want done.
This, IMO is a fluke.
Most of us already have the single brw signing, because of previous experiences from companies that ask for it. All my regulars want it that way, and I've done it for my non-regulars without any correction.

Reply by Susan Fischer on 3/19/10 11:55am
Msg #328005

"IF this is an application for JOINT credit, THEN both

borrowqer and co-borrower must sign below..." or close.

There are some companies that even type "NO SIGNATURE REQUIRED" on the first line if the loan is for a single borrower - because the borrower is signing a federal form under oath that the application information is true - and single borrowers are not applying for joint credit. If you are NOT applying for joint credit, why would you swear that you were?

The reason for the paragraph of intent to apply for joint credit was to remind borrowers that both borrower and co-borrower are equally responsible for the debt.

Others here disagree, but I've never had a problem - and if there is a demand to have single bo sign, they add "single borrower" on the 'co-borrower' sig line.

JMHO

Reply by cawest/PA on 3/19/10 3:10pm
Msg #328069

Re: "IF this is an application for JOINT credit, THEN both

It is when it is a single and no instructions ... some want it signed and others not ... so I take my 2 copies now and they can pick which one they want.