Posted by 101livescan on 4/20/13 5:53pm
Msg #466481

Second Home Refinance

An out of county residence, being refinanced by parents, parents on title, daughter vested but not on the loan.

We get to the vesting on the DOT and mother says, "daughter is now married", not a single woman. It's a split signing. Daughter to sign in LA.

Okay, so I call the loan officer, not available. Get ahold of doc drawer, she says, no worries have her sign any way, we'll have he daughter initial vesting on face page and make the change before we record DOT.

Not that simple. The daughter is taking title in the name of her trust, she was married six months ago, but the trust was not amended to reflect her married name. Now we also need an interspousal grant deed from husband.

Daughter gets her trust amended this week, now shows married name.

The fun part? Daughter sent in her marriage license to LO six months ago. The LO completely overlooked it and proceeded to refi the loan under her old vesting. This took several days to work out. The docs had to be redrawn, the rate lock expired last week, lender had to eat it.

I had another one last year where we refi'd a huge property, over $1.2 million. Four borrowers vested. I get to the signing, only three people present, so I inquire as to whereabouts of no. 4. They all looked at each other, ashen, "you don't know?" Know what?

She's dead. Been dead for a year.

Okay, redraw, affidavit of death of a joint tenant.

Everyone is working so fast, these little details seem to get overlooked from the getgo.

Reply by BobtheElder on 4/20/13 11:03pm
Msg #466502

Some things will never change.... I recall a poster that used to be popular in the mortgage and real estate business. Four frames picturing a rowing team, 1st frame all in sync, by the last frame the oars are tangled and the rowers are overboard... it was a suitable analogy for the mortgage process / industry then, and it still is