Posted by HSH/WA on 10/21/12 3:22pm
Msg #439543

Are LOs dropping the ball?

I just had a loan with three pages of detailed info to be filled out at signing on the bo's credit and back ground - how do you get to loan docs without this info? This info was needed for loan approval prior to docs - IMO

Reply by 101livescan on 10/21/12 3:27pm
Msg #439544

Are you speaking of the Statement of Information? This is usually an escrow function, sent to the borrower while Preliminary Report is being ordered.

Reply by roseIN on 10/21/12 3:30pm
Msg #439545

I usually have the BO write, in big letters, across the form "info on file", have the BO initial the page(s) and send it back with the rest of the Docs. I have never heard back from any Lender or Title. It is not our job to do the LO's job.

Reply by sigtogo/OR on 10/21/12 4:29pm
Msg #439561

Wow, you get away with that? supposedly they don't yet have

that info and yes, it is title company form not the lenders and should have been done prior. I guess if you have never been called on it that shows just how very important the form is!! But why stop there, what about all those other stoopid duplicate forms? Wouldn't that be fun.... line through, write duplicate, and initial.

Reply by JS_MD on 10/21/12 10:16pm
Msg #439610

I do the same thing......tired of more work and NO more $$$

Loan would not have gotten thru underwriting w/o this info in advance. Not our problem.

Reply by HSH/WA on 10/21/12 3:33pm
Msg #439547

I had both credit questions and personal info questions about where the bo lived, former marriages etc. No biggy but seems like info needed to get to the signing.

Reply by HSH/WA on 10/21/12 3:34pm
Msg #439548

I agree with Rose but am too chicken to do it.

Reply by roseIN on 10/21/12 3:39pm
Msg #439550

we are not paid to do the work of the LO. period.

Reply by Bob_Chicago on 10/21/12 4:16pm
Msg #439557

Generally , these are TC forms to be used in the event that

the title search pciks up judements or other lien type items for persons with names that are
similar to borrowers.
Hard t to find a pattern. Somethimes see them for folks with names like James Smith and sometimes for something like John Jacob Jingelheimer Schmitt.
I usually save for last.
You have most of the info . such as current address, SS# DL # , current emplyer , etc.
Ask them for unknown info. such as birth place. and where and when married.
Once had a situaton where I asked "Any prior marriages for either of you/"
He said "no " and she was sitting there with a troubled look on her face.
He said "WELL????'. She replied "Yes, once, but only for a few months. "
I said "This is the last form ,.' They signed it and I immediatly made like a banana and split.
Must have bee a fun nite at that house.

Reply by sigtogo/OR on 10/21/12 4:23pm
Msg #439559

Bob- that will teach you to get involved in the completion

of forms!! too funny. IMO this form should be completed by BO without our direction or questioning. I just give it to them and review the file while they fill it out.

Reply by Catherine/CA on 10/21/12 5:54pm
Msg #439576

Re: Generally , these are TC forms to be used in the event that

Exactly! I tell borrowers that the SI is used to delete liens that show up against people with similar names. I don't have a problem with getting the form completed and signed. Loan officers don't share their 1003s with the title company so this is the only way the title company has to delete these liens.

Reply by dgd/CA on 10/21/12 5:06pm
Msg #439566

Of course it's a Title form. Utilized specially, for those instances stated above. Are the Escrow Officers supposed to send this form out at the "opening" of escrow... Yes, however; over the course of time, with all due respect to long termed escrows, cancellations, etc., so forth and so on, it seems to have been put on the back burner.

There was a time when I absolutely detested that these forms were included in the loan document package. However; now, I find an advantage to them. I always inform the borrower of their significance*, and advise them that as I must, at the conclusion of primary signing, check all documents for signatures/initials, and complete my journal (prior to my departure), this is a Title form they will be required to complete as I perform those tasks ... never a problem.

*These are used during the T/Cs check into Public Records (sigh...unfortunately, now, performed upon the day of funding). The reality (in CA), if the borrower(s) challenge any lien that may show up, all they really have to do is present a written Affidavit to Title stating he/she/they have no knowledge of such and such, and that it (therefore) must belong to some other (similar but not the same) Smith/Jones/Brown/Turner/Washington/Hernandez, so forth, so on.

Reply by HSH/WA on 10/21/12 5:55pm
Msg #439577

I did the same as above saving these forms for last and while they filled them out I checked the docs and finished my notary book. I finished before them but only by a few minutes.

Reply by ToniK on 10/21/12 5:53pm
Msg #439575

I had BO complain about filling it out saying it should have been done ahead of time. They call LO. LO said DO NOT FILL OUT. She didnt fill out hers when she refi'd. BO said good. Im not filling this out anyways. Never heard from Title...well at least they didnt call me. Dont know if they called BO.

Reply by Catherine/CA on 10/21/12 5:57pm
Msg #439578

Typically sent out with escrow instructions but some borrowers don't bother to complete and send back in a timely manner so it gets sent out again with loan docs.

At least that's the way it was done when I was an escrow assistant back in the day!

Reply by roseIN on 10/21/12 7:07pm
Msg #439583

ToniK: I also had the same experience as you. I was a loan officer prior to this job, and the requested info on these forms is for the U/W---not Title. I still will not do the work of the LO. Ain't never heared back about the way I handle it. Until I do, I ain't filling it our nor asking the BO to complete it. It is NOT my job to gather information at a Closing; it is my job to get the Docs signed and then go home.

Reply by Carolyn Breckenridge on 10/21/12 7:10pm
Msg #439584

I think that this is a title document that is required by Old Republic. At least I haven't seen it with any other title underwriter. It is a bit cumbersome to say the least. Such as list all former addresses for the last ten years.

Reply by JanetK_CA on 10/22/12 2:29am
Msg #439636

It's required by a lot more title co's than just Old Republic, unfortunately. I see it more often than I don't - and they can take f o r e v e r for some borrowers to complete! Some of them are really poorly designed, too!

Reply by sigtogo/OR on 10/23/12 6:55pm
Msg #439982

LENDER FORM-I take back what I said, just got one that is

most definitely in the lender docs (has lender barcode on it, title no barcode.) so I agree, lenders should already have this if its so important to the transaction.