Posted by GWest on 3/31/11 10:10am
Msg #378090

New SL/Chase requirement

I was just notified that on all Chase loans closed through ServiceLink, the Borrower must now sign and initial page 2 of the 4506T (even though there are no signature lines on page 2, only a place for them to initial). At firt I though it was just a typo on their new instruction form, but was told by another closer that this is a new requirement.

Reply by pan/nd on 3/31/11 1:14pm
Msg #378125

I had one last week thru ServiceLink where the instructions said to initial page 3--three--

of the 4506T on a Chase loan.

Guess what? There isn't one.

I've notice other misteps on their instructions as well.

If they want page 2 signed....for heavens sake have somebody at least put signature lines

on the page or at best signature lines with the borrowers' names underneath.

Might just be a title company thing....because I do a lot of Chase loans for other title

companies and so far this is the only one I've run into where they want page 2 of the 4506T

signed.

Reply by GWest on 3/31/11 1:38pm
Msg #378134

First time I got these instructions was yesterday. I though they had a typo, as they have a NEW instruction page (with a big Stop sign on it) that states "4506 - Initials on page 2, signatures on page 2", but they included a sample with signatures and initials on page 1 and just initial on page 2.

Have been in contact with another closer today on a different file at SL and one of his emails stated: "as a heads up Chase requires borrower’s signatures on both pages of the 4506t (even the instructions page)".

Reply by pan/nd on 3/31/11 2:17pm
Msg #378142

Two weeks ago...when I did one (Chase) for ServLk...the instructions were to have

page 3 of the W-9 SIGNED.

I called on that one and the gal I talked to sighed a big sigh and said to ignore it.

When they get their ducks in a row...I'll start taking their stuff seriously.

Reply by RedBaron/IN on 3/31/11 2:44pm
Msg #378147

There is a new 4506T form with "initial______" space indicated on the second page. One of my TC's sent me a copy.

Reply by S Peterson on 3/31/11 2:58pm
Msg #378151

sign and initial page 2 means SIGN (page 1) & Initial page 2

I do dozens of these loans every month. Sign the fist page, initial the 2nd. Just like if there's an initial line at the bottome of the page, whether it's the 4506-T, W-9, Note, Deed of Trust, PUD Rider, 1003, just get it initialed. This constant discussion over such simplistic instructions is unbelievable. What I have noticed is a huge increase of "Instructions to the Notary" lately. Is it just the newbies making this mistake? If you do not know what you are doing, either learn it first or find another line of work. Read the instructions slowly, maybe even twice and check your work. Or is it that it is so simple, you all fill the need to make it difficult.

Reply by GWest on 3/31/11 4:53pm
Msg #378174

This is a New Instruction out as of 3/30/11

I agree with what you said, and I have never had the borrower's sign page 2, only initial, and I close at least 10 Chase loans a month, most of them through SL, but as of yesterday, this is a new instruction. SL has come up with a New Instruction Page strictly for Chase Loans, with a difference STOP sign on it (not the one with the little man holding a stop sign). It clearly states "4506 - INITIALS ON PAGE 2, SIGNATURES ON PAGE 2". I believed it was another typo, like initial page 3 when there is no page 3 (I have seen that one also), especially since they include an sample 4506T with complete instructions showing that page 2 only needs to be initialed, but after receiving the email today from another closer, he stated that yes, Chase is now requiring a signature on page 2 as well as page 1 and both pages are also to be initialed. We did speak later in the day and he was not sure why, but that was the new requirement. Maybe they don't understand what Chase wants, but it's not up to me to decide, I do as they ask.

Believe me, I do know what I am doing and have probably been doing this longer than alot of people on this forum (since 1975 to be exact). I have learned in all these years to follow instructions. I am not making it difficult, it is the title companies or lenders that make up these silly requirements.

Reply by GWest on 3/31/11 5:14pm
Msg #378177

Do you know why there are a huge increase in Instructions

One reason is probably because people do not read the instructions, or think that they know better so they decided that they don't need to follow instructions. That is why they include those stupid samples of how to sign a form. I get so tired of seeing those. As a former Escrow Officer I have always read the lenders instructions and complied with them.