Posted by CarolF/NC on 12/29/12 9:40am
Msg #448047

1003 to Sign Page 1 or Not?

Residential Loan Application page one at the top, says if joint credit both must sign, but if only one borrower do you have them sign? Seems if I have them sign it is wrong with some companies and if I don't it is wrong with others. I lean towards always asking and if I can't get a response have them sign and the page can be replaced at closing. Is there any right answer? How do you handle? Thanks in advance for the input.

Reply by CopperheadVA on 12/29/12 9:50am
Msg #448049

I don't have time to ask every company how they want it. I get top of page 1 signed for one borrower or two. The only company I don't do that with is Quicken, because there are instructions that say no signature required in that spot for single borrower. Absent any instructions to the contrary, I have that spot signed for single borrower.

Reply by CinOH on 12/29/12 10:26am
Msg #448059

I do the same thing. I have every borrower sign 1003, unless instructed not to. I've never had a probelm.

Reply by Yoli/CA on 12/29/12 3:31pm
Msg #448108

Same as CopperheadVA with no problems. n/m

Reply by Lee/AR on 12/29/12 9:51am
Msg #448050

For single bo, I just make 2 copies of page 1 and do it both ways when they have those pesky initial lines at the bottom. Got tired of 2nd-guessing what this/that co. wants. No initial lines--your way is good.

Reply by JamesLee/VA on 12/29/12 9:58am
Msg #448053

Key words "if" It does not say "only" joint borrowers are to sign.

Have them sign either way. It will prevent a lot of headaches on your part unless you just like a good argument and loss of business.

Reply by sigtogo/OR on 12/29/12 12:43pm
Msg #448083

lets not perpetuate the ignorance

here is what the form 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):"

while I agree to have them sign to avoid headaches, I would not wish to perpetuate the idea that it is actually required or necessary

Reply by Susan Fischer on 12/29/12 10:00am
Msg #448054

I treated that statement as an "if - then" statement: IF

this is an application for JOINT CREDIT, THEN BOTH applicants must sign...

The intent is to drive home the fact that both applicants are responsible for the loan.

Others may disagree, but the language, to me, is quite clear. I wouldn't sign an application for joint credit, under oath, if I am a single borrower.

jmho.

Reply by William Kremer III on 12/29/12 10:06am
Msg #448055

Signing at the top of page 1 of the 1003 does not negetively impact the intent of the form. Unless the signing company instructs me not to have the single borrower sign, I do always and have not had an issue. I sign 6 per day and am not having an issue with this.

Reply by sigtogo/OR on 12/29/12 12:32pm
Msg #448078

although its absurd, I do the same. that spot is for co-

borrowers not an individual applicant yet most lenders evidently can't read and understand the form so they want it signed. Not our battle to fight. Most of the lenders that I have had occassion to discuss the issue respond with "it must be signed!" A few say "duh, of course you don't sign, unless there are co-borrowers" but unless specified they won't kick it back if it is signed.

Over the years, the many lenders I either worked for as LO or brokered to, it was expected, no demanded, that it would ONLY be signed when there were co-borrowers. sigh....thems were the good ol' days...

Reply by JamesLee/VA on 12/29/12 12:26pm
Msg #448073

Key words "if" It does not say "only" joint borrowers are to sign.

Have them sign either way. It will prevent a lot of headaches on your part unless you just like a good argument and loss of business.

Reply by JamesLee/VA on 12/29/12 12:27pm
Msg #448074

Oops Disregard duplicate post!! n/m

Reply by Linda_H/FL on 12/29/12 12:41pm
Msg #448082

Re: 1003 to Sign Page 1 or Not? IMO the answer is

contained in the very first sentence which states "This application is designed to be completed by the applicant(s) with the Lender’s assistance." Without rehashing the whole thing, it then goes on to explain Borrower and Co-Borrower, income/assets consideration and property rights. Note though that the first sentence refers to "applicant(s)" - meaning, to me, singular or plural. Therefore, IMO, even sole borrowers should sign the top as they're acknowledging the application process.

The part about joint credit is just a re-affirmation that both understand it is an application for joint credit.. "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 have all applicants sign - whether one or more - unless specifically instructed otherwise.

JMNSHO

Reply by NVLSlady/VA on 12/29/12 8:24pm
Msg #448128

Re: 1003 to Sign Page 1 or Not? IMO the answer is

I thought the same as Linda: That the statement acknowledging "joint credit" was just a continuation or "re-affirmation" of the whole paragraph/application process; and in VA (as in all community property states), If Bor is married, non-borrowing spouse signs, too.

Reply by LKT/CA on 12/30/12 7:04pm
Msg #448189

Mee too n/m