Posted by Monique Insalaco on 6/24/13 11:05am
Msg #474505

I ticked off a Lender--Help!

Okay, here's the scoop. Co-borrower's name was completely incorrect throughout the loan docs. She is a non borrowing spouse, but we are in a community property state so there are some docs that she needs to sign. The lender is PO'd because I corrected the acknowledgement for the deed of trust to reflect her actual name, and which matched her identification. The incorrect name is supposedly how title was originally held and therefore she must sign the new title that way. (According to Mr. Lender)

Mr. Lender is saying the loan may not fund and at the very least I need to submit an all purpose acknowledgement for the incorrect name. Um. Don't think so Mr. Lender.

I'm thinking (and I don't know, this is where you come in) that they need to prepare a quit claim deed to transfer title from incorrect name to correct name and possibly redraw the Deed of Trust to reflect the correct name?

Please advise before I have to call this guy back!

Thank you
Monique

Reply by Linda_H/FL on 6/24/13 11:13am
Msg #474506

"I'm thinking (and I don't know, this is where you come in) that they need to prepare a quit claim deed to transfer title from incorrect name to correct name and possibly redraw the Deed of Trust to reflect the correct name?"

I think you're right - but it's not up to you to tell him that. The most you can do is dig your heels in, stick to your guns and let him know you can't notarize with the incorrect name. Nor can you do a f/k/a - I think CA prohibits that. Tell this guy he needs to work the name problem out with title and until they get things correct there's nothing you can do.

At least that's what I'd do.

JMO

Reply by Linda_H/FL on 6/24/13 11:14am
Msg #474508

Apologies..I assumed CA - now I see NM

can you use f/k/a or n/k/a in your certs? We can here - if you can, then that's the fix you can do..but it will still required amended certs. I would not provide an APA

Reply by Yoli/CA on 6/24/13 11:59am
Msg #474516

If it's a case of former name, had similar situation ~ a month ago. Grant Deed had former name and Ack was prepared by TC with that former name. I changed both and had borrower initial and sign with current name (what's on ID). TC didn't like; said they'd done this in CA in past with no problem. Explained restrictions and emailed them those relevant portions of CA notary Handbook. Told them borrower can sign Jane Doe FKA Jane Smith but that I could only notarize the name on ID. That's how it was done and I got paid for the 2nd trip also.

Good luck!

Reply by MistarellaFL on 6/24/13 11:13am
Msg #474507

Could you use an AKA or FKA?

Acknowledged before me this 21 day of June 2013 by Suzy A. Smith who represented she was FKA Suzy A Doe

or

Acknowledged before me this 21 day of June 2013 by Suzy A. Smith who represented she was AKA Suzy A Doe

We can do this in FL...not sure of your notarial laws in NM.

Reply by Linda_H/FL on 6/24/13 11:15am
Msg #474509

Misty, I have a question for you that I'm sending in a p/m

so I don't hijack this.

Reply by Monique Insalaco on 6/24/13 11:25am
Msg #474512

Re: Could you use an AKA or FKA?

I'm checking this, but I don't believe we can do that in NM.

Monique

Reply by MistarellaFL on 6/24/13 11:31am
Msg #474513

From pg 14 of the NM handbook

B. for an acknowledgment in a representative capacity:
State of _________________________________
(County) of ______________________________
This instrument was acknowledged before me on (date) by (name(s) of person(s)) as
(type of authority, e.g., officer, trustee, etc.) of (name of party on behalf of whom
instrument was executed.)
(Signature of notarial officer)
(Seal, if any) Title (and Rank)
[My commission expires:______];

Reply by Monique Insalaco on 6/24/13 11:34am
Msg #474514

Re: From pg 14 of the NM handbook

Oh THANK YOU! This is an awesome forum!

Regards,
Monique

Reply by MistarellaFL on 6/24/13 11:42am
Msg #474515

Monique, you'll want to bookmark this page:

http://sos.state.nm.us/sos-notary.html

Reply by Monique Insalaco on 6/24/13 1:15pm
Msg #474524

Re: From pg 14 of the NM handbook

Interesting. Mr. Lender will not accept the acknowledgement in a representative capacity. He has indicated that the signer in question signed an AKA statement, that Jane A. Doe is also known as Minnie M. Mouse, and that because of that, I should be able to notarize her signature as Minnie M. Mouse. Any direction on that one? I'm starting to feel bullied here.

Regards,
Monique.

Reply by Monique Insalaco on 6/24/13 1:16pm
Msg #474525

Re: From pg 14 of the NM handbook

I should clarify, her identification was under the name Jane A. Doe.

mmi

Reply by JanetK_CA on 6/24/13 2:13pm
Msg #474528

Re: From pg 14 of the NM handbook

The AKA statement is for the lender's benefit and I doubt it will serve as adequate ID in any state - certainly not in mine. It's a completely separate document from the DOT/Mortgage (or whatever document it is that your acknowledgment is being attached to) and is NOT a form of government issued ID.

It sounds to me like you're dealing with people who aren't clear on the concept of what a notarization is or just don't care. I think you ARE being bullied and should stand your ground. We wear two hats when we get a loan package signed, and the first one is as a Notary Public. Our number one responsibility there is to identify the person before us, using whatever guidelines are provided to us by our state law. Anything outside of that is irrelevant. If you just take someone's word for an FKA, what's the point in bothering with notarizing the document to begin with, except that it probably needs a stamp to record...

I heartily agree with Cheryl's statement below that someone should be checking these things in the very beginning, while there's presumably still time to work out any potential kinks, rather than trying to browbeat a notary into going along with whatever they decide at the last minute. This kind of situation should never happen. (Sometimes it's the borrowers who are trying to get away with something, sometimes they just don't have a clue, but the LO or loan processor should look for these kinds of situations up front - and verify. Wouldn't that be great?!!)

Reply by Monique Insalaco on 6/24/13 3:02pm
Msg #474538

Re: From pg 14 of the NM handbook

Thank you for your reply and your encouragement to stand my ground. Title has been held incorrectly since the property was purchased. Of course, it's the LO who's bullying me! He knows he has a problem. "They'll lose their lock, cost them more money, blah, blah, blah. Don't get me wrong, I feel terrible for the borrower, but I can't ethically change the acknowledgement, and it would appear NM law will back that up. Sheesh. I so don't need this at the end of the month. Or EVER!

Thank you all for your assistance.

Monique

Reply by 101livescan on 6/24/13 11:17am
Msg #474510

This is a title company issue...lender should be working with title, and it is likely a grant deed, not a quit claim deed, but we can't make these decisions.

Sometimes these issues are handled with the Limited POA/Correction Agreement.

I'll never understand why the lender doesn't get copies of IDs from the getgo so he knows he has the names correctly spelled. It's a little late when you're at the signing table to make these changes, at the 13th hour to boot.

Reply by OR on 6/24/13 12:30pm
Msg #474518

Re: Food for thought.

I dont know how the this will be fixed. However when I correct the "DOT" I always make a copy of the signature page and have the borrowers sign the corrected way and also sign the way it is typed. That way Title and Lender have it signed the way they thought it should be and the way the borrowers or I think it should be so Title has choices and a fix all in one package.I have never had any issues with that. Saves everyone a lot of greef later. Good luck with the fix.

Reply by Matt_VA on 6/24/13 2:31pm
Msg #474532

Re: Food for thought.

But, then are you not doing an ack for a name different then the ID?
I'm seeing way too many of these name issues.