Posted by Anita Edwards on 8/30/13 9:33am
Msg #482616

Challenging Title Source

In the loan package for Title Source there is a form to close a Home Equity Line of Credit. The borrower did not have a line of credit so we skipped that form. Today I received the error message from Title Source offering me the opportunity to dispute an error by not having that signed. What happens of I challenge that? Anybody know for sure?

Reply by Jack/AL on 8/30/13 9:56am
Msg #482618

I'm not familiar with the challenging process, so I'm not able to directly answer your question. You might consider my comments below, and the list of possile responses shown on the form. If that is the form from which I've copied responses, shown below, then at least one response should apply. For those with a line of credit, at least one of the first four choices should apply. For those without a line of credit, such as your signers, it appears that the last choice is appropriate, and thus should have been checked, and the form signed.
-------------------------------------------------------
I have returned all Equity Line Access Cards.
I have returned all unused Equity Line Checks.
I have not returned the unused Equity Line Cards because they have been destroyed.
I have not returned the unused Equity Line Checks because they have been destroyed.
My account is not a line of credit.

Reply by Alz on 8/30/13 9:57am
Msg #482619

Was it a Chase signing? If so, the last multiple choice answer would have stated that it was not a Home Equiry line of Credit and signed by the BWR. Not familar with their dispute process. Good luck.

Reply by Vincent Spilotro on 8/30/13 9:58am
Msg #482620

Many times there is a place to check mark "this is NOT a line of credit", not sure if yours had that. If so, the buyer should make the proper selection, and sign. Personally, I wouldn't challenge a darn thing with Title Source. Get the doc signed, and get the job done.

Reply by Judy/TX on 8/30/13 9:58am
Msg #482621

I see this form from Title Source for Chase Loans. Usually the last item on the list is something to the effect of:

( ) I do not have a Home Equity Line of Credit.

The borrower checks that and signs below that where his/her name is already typed.

If your form is different and there is not an item to check if he/she does not have an equity line of credit, then you could dispute. In that case there should not be any repercussions.

Reply by Linda_H/FL on 8/30/13 10:27am
Msg #482628

Not sure you have a dispute Anita

It should have been signed. You said "The borrower did not have a line of credit so we skipped that form" - not your call to "skip" a form. If it didn't comport with the examples of the previous posters, I have them sign it anyway, regardless and explain - "it's required by title to allow them to pay off your current mortgage and close out the loan" (open end mortgages are exactly that - open ended ... add onto the front...tack onto the back).

Now, if the borrowers are adamant that they will NOT sign it under any circumstances, the post-it notes come out and I have them write their refusal on it and why, sign and date it, and I return that in the package. The refusal is noted in my completion report.

JMO

Reply by desktopfull on 8/30/13 12:06pm
Msg #482659

Re: Not sure you have a dispute Anita

If a borrower refused to sign any page a call would have been made to title and let them explain the necessity, I wouldn't just put a post-it note on the page and continue. Borrower's don't have the discretion of picking and choosing which docs they will or won't sign. Only title or lender can waive the signing of a document.

Reply by Linda_H/FL on 8/30/13 3:54pm
Msg #482690

You're right DTF - that too :) n/m

Reply by Tim Cameron on 8/30/13 10:50am
Msg #482630

I have found in many instances, none of the options apply, so I have the borrower spell out in writing in the open spot below the options exactly what the 2nd is, if there is one at all.... and if they have any checks or cards.....never been a problem

Reply by Cherylann on 8/30/13 11:07am
Msg #482633

I know the form you're referring to; should have been signed as others have stated. I expect I will have an upcoming 'defect' from TS regarding this same form just signed 2 days ago ... had single borrower's name typed in both locations (for Borrower AND for NonBorrower). Borrower had already called and questioned this with lender; lender insisted form was prepared correctly and he had to sign in both locations. Covered my posterior by making sure note detailing this issue and Borrower's call to lender was paperclipped to doc pkg at top of return stack. Also informed them borrower is expecting call from TS to discuss further.

Reply by desktopfull on 8/30/13 12:13pm
Msg #482660

You have no dispute, the form should have been signed or a call made to title. It's your error and time to go back out on your own dime and get the page signed and sent in to TS.

Reply by Anita Edwards on 8/30/13 4:33pm
Msg #482694

I admit it was my error. It's just that I'm not new to Title Source and it's never been an issue in the past. I'm wondering if maybe this form changed and I wasn't looking close enough. Regardless, I admitted my error and made the phone call to them also.