Posted by doofus on 11/10/12 12:57pm
Msg #442937

20 year personal history form

i have seen the 10 year history form. it is a pain, and i try to avoid it. it can take 30 to 60 minutes to fill out, after loan is closed.
last night i saw my first 20 year history form. it took 1 hour to fill out after the close. these people were not constant movers, can we imagine how long it would take if they had changed addresses and jobs several times in 20 years. has anyone seen it yet?

Reply by Teresa/FL on 11/10/12 12:58pm
Msg #442939

I've only seen the 10 year form, usually from CA TCs only n/m

Reply by Linda Juenger on 11/10/12 2:23pm
Msg #442942

I have only seen the 10yr also. I live around an air force base and quite a few of my borrowers have moved many times. 20yrs ugh. Why in the world do they need this at the end? Why can't this be sent in advance along with other disclosures. They could send it to them, have the fill it out and return it with us in the pkg. I use the time to check my work etc etc.

Reply by desktopfull on 11/10/12 2:35pm
Msg #442944

I have many borrowers that strike a line through the form and write: "You already have this information" and initial what they write and sign the form. Haven't had even one not fund that did that either.

Reply by HSH/WA on 11/10/12 3:46pm
Msg #442948

Re: I've thought about emailing the form to them

ahead of time so they can work on it before we start the signing. What I do is save it for last and they can work on it while I check the docs and fill out my notary book. I did have one BO fill in a few blanks then draw a line through others and write "you have this info" and initial it.

Reply by roseIN on 11/10/12 3:47pm
Msg #442949

desktopfull: I do the same thing---usually the BO will sign it "on file" in LARGE letters across the face of the document. I have never had one loan come back at me

Reply by MW/VA on 11/10/12 7:45pm
Msg #442974

That's a good way to handle that. I only see that PIA

form coming from CA or AZ tc's. It's such an insult to ask the borrowers to complete that at the end of the process. I'm embarrassed just to ask for it. I had one the other day for a AZ tc, and it included this letter explaining that it's hard to keep track of people moving around in AZ--LOL--the property was in VA! This was a huge loan pkg., signed on election night, after the woman had stood in line for 3 hrs. I think if I were her I would have torn that d#$mned form up. Of course, they're always concerned that if will affect the funding of their loan.

Reply by LynnNC on 11/10/12 5:56pm
Msg #442968

In my experience, the form is a title form, not a lender form. Why would the title company need it? If I know in time that the form is in the package, I call the borrowers and ask them to have the information ready.

Reply by SheilaSJCA on 11/10/12 7:28pm
Msg #442973

Yes, I have seen the 20 year form once. 20 yrs is overkill

However, for those of you who do not understand why the form is even in the package, here is the explanation of why this data is being asked for:
It is necessary to fill out this form completely, as the information contained herein will assist us to process your escrow more accurately and avoid timely delays. The growing population of California (or wherever) has greatly affected the processing of real estate transactions, in that there are many people with names that are the same or similar to your own.
When the title company searches the title of the property in this escrow, they want to make sure that they there are no judgments, bankruptcies, income tax liens or any other situation that may effect you or the property. The information on this form allows them to reject all matters that do not effect you.

The title company does not have this information, unless the signers have recently submitted the completed form to them during the escrow process. It is incorrect for a signer or notary to assume the title company "has all this info already". How would they? They do not run credit reports, they are not detectives. How are they to know the history of the signers line of work, history of marriages and residences? These are the areas of life that can affect title; liens, bankruptcies, judgements, alimony, child support,etc. This is the only reason why they ask such personal information. They only want to be able to ensure title with no clouds on it.

The lender collects much of this information, but from a different perspective, to determine their credit worthiness. They do not share this information with the title company, because they cannot.

Reply by GOLDGIRL/CA on 11/10/12 8:05pm
Msg #442980

Re: Yes, I have seen the 20 year form once. 20 yrs is overkill

You're right, Sheila; however, all the information they need is available through a title search if done thoroughly and correctly, including child support liens, no-pay alimony, bankruptcies, court judgments, second mortgages, others' claims on the property, etc. IMO they're just too lazy to do this. When they get this form they just file it away until the day they may actually have to use it; i.e. when they discover they muffed the original title search. Additionally, most of the info is available on the loan app, which I was not aware the lender was prohibited from sharing with the TC. Then why is it in the loan pkg. if they're not supposed to see it?

I just hate the SOI because it is so unnecessarily invasive ... a woman refused to fill out alot of it the other day, saying it wasn't anybody's business the names and birthdates of her kids (I agree, that's completely overboard). and the name of their father (ex-spouse). And she was a credit union LO! I usually help people fill this out so I'm not there an extra half hour or more while they sputter and fume over this, asking them: Any former marriages? OK, then, name of former spouse(s)? Date of divorce? Place of divorce? Date of death? while the other spouse sits there, unsmiling. And on and on it goes. I just cringe having to deal with this stuff.

I'm so tempted to leave it with the borrowers next time and tell the to fill it out (on their own time!) and fax it to the TC if they want their loan to fund. Leave me out of it.

Reply by Clem/CA on 11/10/12 11:01pm
Msg #442985

BS

LOL then why would it be in the closing package? This is an opening package doc.

Reply by JanetK_CA on 11/10/12 11:44pm
Msg #442988

Re: Yes, I have seen the 20 year form once. 20 yrs is overkill

I've seen that same explanation, Sheila. I feel the same way as everyone else about that form and I sure wish there was another way to handle it. The complaint I get most often is that they would have liked to have received it in advance of the signing appointment so they could have had time to look up the information. I wholeheartedly agree! I bet they'd get better compliance - and possibly better information - if they sent them out in advance. I wonder, though, how far in advance the title folks get contact information for a borrower...

However, I heard an interesting story this week from a borrower. He said he was in an airport in another city about to pick up a rental car and found out that another man with the same name (not an especially common one at all) had also rented a car there at the same time! (I'm don't recall for sure, but I think he said the guy was also from this part of the country.) Ya just never know.

Reply by CopperheadVA on 11/11/12 9:33am
Msg #442994

Re: Yes, I have seen the 20 year form once. 20 yrs is overkill

I can understand why they need this info, but expecting the notary to present it at the closing appointment and then wait however long it takes for the borrowers to complete it is just not reasonable IMHO. It definitely should be sent to the borrowers ahead of time and if it's completed by the time the notary arrives - great! Notary can then include it back in package with signed docs. If not, B's should then be responsible for getting it back to the TC.

The OP said that the form took the borrowers one hour to complete it. I get antsy with the new LSI form that seems to be in every package now, where they want the B to fill in the HOI info including agent contact and policy number, and HOA info including mailing address. This could take B's 10 minutes to dig up this info - I tell them just to write down as much as they can remember and do not go digging for paperwork.

Reply by Yoli/CA on 11/11/12 3:42pm
Msg #443005

Re: Yes, I have seen the 20 year form once. 20 yrs is overkill

I've saved a version of the 10-year SOI on my desktop. Then, when I get a package with it, and if time permits, I email it to borrowers or their agent for completion in advance. Works out rather well. Saves everyone time at the signing table.

Never any complaints from Title that it's not the same format they sent. It's still the same info.

Have never seen the 20 year form, though.

Reply by MW/VA on 11/11/12 7:55pm
Msg #443016

"I can understand why they need this info". I can't! These

are approved loans, and title work should have been done prior to granting the loan. This form makes no sense to me, especially since borrowers now need to produce so much documentation in the loan process. IMO it's ridiculous to ask for this at closing! ;-(

Reply by 101livescan on 11/11/12 8:54pm
Msg #443022

Re: "I can understand why they need this info". I can't! These

I agree, the background checking has been done, the prelim turns up all kinds of things...HOWEVER,

I signed a couple on a refi of some rental income property...It turns out that someone in their infrastructure took out a private $$ loan on the property since he has an interest portion, but the lien was not recorded in the County, so the loan did not close, as the matrix didn't pencil out. The partner had to clear up the debt PRONTO, before they could refi this property. They were aghast to find out about the partners' shenanagins.

Reply by sigtogo/OR on 11/12/12 12:37am
Msg #443031

while that's interesting, what does that have to do with SOI

at closing?

Reply by 101livescan on 11/12/12 7:33am
Msg #443040

Re: while that's interesting, what does that have to do with SOI

Taken from Sheila's post above:

It is necessary to fill out this form completely, as the information contained herein will assist us to process your escrow more accurately and avoid timely delays. The growing population of California (or wherever) has greatly affected the processing of real estate transactions, in that there are many people with names that are the same or similar to your own.
When the title company searches the title of the property in this escrow, they want to make sure that they there are no judgments, bankruptcies, income tax liens or any other situation that may effect you or the property. The information on this form allows them to reject all matters that do not effect you.

So, they must have checks and balances and when this lien showed up, it tilted their DTI ratio, although not their personal debt, and Title had to disclose encumbrance to the lender. SOI is information gathering tool for all kinds of data.

Reply by janCA on 11/12/12 8:33am
Msg #443048

Wow, just something else to complain about.

Why do NSA's constantly find something to complain about? If it's not one thing, it's another. Ultimately, if you don't like the documentation that is required by the lender/title, maybe it's time to move onto another profession. After all, where is your paycheck coming from? Be thankful you are getting work, period.

Reply by MW/VA on 11/12/12 8:45am
Msg #443051

Are you serious??? It's not our job to get those forms

completed, IMO. Thankfully, I only see them on rare occasions.

Reply by janCA on 11/12/12 9:14am
Msg #443062

Dead Serious! n/m

Reply by MW/VA on 11/12/12 9:02pm
Msg #443127

I get your response, because these are probably SOP

in CA, but they aren't for the rest of us. Had a signing last week, 168 VA refi, hours late as it was because of Election Day, and then that SOI form. The borrowers could hardly stay awake at that point.

Reply by SheilaSJCA on 11/12/12 2:00pm
Msg #443105

of course, it's our task to get this form back to title

why wouldn't it be?
In a perfect world, lenders would send out their broker disclosures and get them back before COE, and the escrow company would send their SOI and esrow instructions at day 1, and get them back directly, so they we would never have a need to foward these docs back to them.
In the real world, it rarely happens as intended.

The only form I take issue with is the appraisal. That is not escrow's duty either. It is between the lender, the appraiser and the borrower.
The lender or appraiser is to make sure the borrower gets their copy. Not escrow, and certainly not the NSA.

Reply by Edward Cooke on 11/12/12 8:47am
Msg #443052

Re: while that's interesting, what does that have to do with SOI

California could take Louisiana's example if discriminating between individuals is becoming difficult:

Sample appearance clause (the beginning of a document):

Before me, Eric W. Thibodeaux, a notary public commissioned in Lafayette Parish and qualified statewide, personally came and appeared John S. Smith (SSN: XXX-XX-1234), married to, and living in community with, Jane Anne Smith (nče Doe) (SSN:XXX-XX-2345) ....

Note the requirement for the last 4 digits of the social security number. This is required by law in any document involving immovables, e.g., Act of Donation, Act of Mortgage, Act of Cash Sale, Act of Credit Sale and Mortgage, etc.

Reply by desktopfull on 11/12/12 4:15am
Msg #443035

If TC needs info then they can keep a copy of 1003 n/m

Reply by SheilaSJCA on 11/12/12 2:01pm
Msg #443106

There is no back story with the 1003... n/m