Posted by Gilda Murray on 2/6/11 4:03pm
Msg #371742

Loan Application (1003) submitted in document packages

Have any of you been told recently that only if there is joint credit both signatures are to appear at the top of the page? Otherwise if "not" two borrowers, then leave those signatures lines blank?
I have always requested a signature whether one or two. But I'm guessing this is new???

I received special instructions Friday stating "Please pay attention to the loan application form it has been "recently updated." There are new signature lines at the top of the 1003 that only applies to the borrowers who are applying for joint credit. Only if it is "joint" should the borrowers sign the top section otherwise leave it blank". (I will receive the package on Monday Feb.7th, the signing is scheduled for Tuesday Feb. 8th.) Thanks in advance Notary Family for your input.

Reply by MikeC/NY on 2/6/11 4:18pm
Msg #371745

This is an argument that has been going on for years - there's not really anything new about it. The top portion of the 1003 clearly applies to joint credit, but some TC's and lenders want both parties to sign even if only one is applying for credit, while others will say something similar to what you've just seen. Most, in my experience, won't even bring it up.

Follow your client's instructions - but don't assume that, just because THEY want it done that way, the same rules apply to every other package you'll see.

Reply by Moneyman/TX on 2/6/11 4:22pm
Msg #371748

It is probably just that company changing its own policies regarding that page.

Some companies want it signed regardless of the number of signers others want it signed only when there are two.

If you go by the wording on the actual page, it should only be signed when there are two borrowers. IMHO, it is one of those things that if a single borrower signs it is no big deal (because it doesn't apply to his application since only one borrower), but if there are two borrowers and they do not sign it is a big deal.

I would follow the instructions given by each company regarding that page if you receive specific instructions on that issue.

Reply by Margaret Paddock on 2/6/11 4:58pm
Msg #371755

I recently had a signing that informed me that "this particular bank"
now required everyone to sign at the top.

Seems we just have to read instructions very thoroughly as there
are so many changes lately on so many things.

Reply by MrEd_Ca on 2/6/11 5:51pm
Msg #371759

... when in doubt, such as with a single signer , I print two copies of the 1st page of the 1003. One copy is signed, one is not but both are sent back with the package.

The instructions at the top of the form are pretty clear , I just got tired of all the different instructions from different lenders, title companies, signing services, ect. , some of which seem to be based on them not reading those instructions. I figure with the two forms they can make the decision about which one works for them & they can shred the other.

Reply by Susan Fischer on 2/6/11 6:25pm
Msg #371761

Not new - I never have single borrowers sign a fed form

that they are applying for joint credit. Never had a problem. This is not a "recent update," rather, I would say ~very~ old instructions.

There are those who disagree.

Reply by JanetK_CA on 2/7/11 1:13am
Msg #371773

And I've frequently seen the exact opposite instructions. Ever since I was coerced to make a long trip back to a borrower just to get that one page signed by a single person (long story), I always have everyone who is a borrower sign a the top. A good while back, someone here suggested that we have single borrowers - or married borrowers who are not applying for joint credit - just put "N/A" on the second line where it says co-borrower. I've been doing that ever since and I've yet to hear any problems with it. The exception would be when there are lender instructions that say to NOT have single borrowers sign at the top.

Like others have said, this is just another one of those things where there is a different "right" way to do it, depending on who is writing/sending the docs.

Reply by parkerc/ME on 2/7/11 7:45am
Msg #371784

Agree with Janet. I always have even the single borrowers sign at the top (and N/A the second line), unless there are explicit instructions NOT to.

Reply by TinaCA on 2/7/11 8:21am
Msg #371785

I was told is always better to oversign then undersign. I have single borrowers sign the top of the app.

Reply by Gilda Murray on 2/7/11 8:55am
Msg #371788

The exact same thing happened to me about 5 years ago where I had to make a second trip due to not having a single borrower sign the top of this document. It was about 50 miles one way and of course I was angry with myself. After that incident I said "never again". That's why I started getting it signed regardless. Thanks again to everyone for your immediate response it's very much appreciated.

Reply by S Peterson on 2/7/11 2:34pm
Msg #371818

Read the wording yourself. It talks about Borrower and Borrower(s). There is a big fat "If" in there as well. Everytime I read it, it applies to one Borrower as well as Joint Borrowers. I always have a single borrower sign it.

Reply by Cari on 2/8/11 5:02am
Msg #371876

been discussed quite often here, recommend using Search btn. n/m