Posted by CarolF/NC on 10/28/13 6:02pm
Msg #490099

1003 Residential Loan Application Who Signs the Top

Isn't there a right and wrong way to complete the top of the 1003 for a single borrower? Is there anyone out there who knows???? Do they sign or not. Most of my companies DO NOT want it signed by a single borrower. Now I have one I did not have signed and they want it signed. How about including the lenders preference in the volume of instructions they send us. Just venting.....

Reply by Doris_CO on 10/28/13 6:08pm
Msg #490101

I have the single borrower sign unless instructions say not too. You could also print two copies of page one and have the borrower sign one and keep the other blank. Then the title company can throw out the one they don't want.

Reply by CarolF/NC on 10/28/13 6:20pm
Msg #490106

Point is Doris, I should not have to print a second form and

how to explain to borrower, well I don't know what they one, one way is right, but I don't know which, so just do the form two different ways.

Reply by apsnltch on 10/28/13 6:14pm
Msg #490104

I have never had anybody single sign the top of the 1st page of 1003. I believe if you read it it states taht they are agreeing that they are filing jointly and both of their debts and incomes are being taken into consideration when applying. The signature requirements are for borrower and Co-borrower when filing a joint application.

Reply by CarolF/NC on 10/28/13 6:21pm
Msg #490107

At one point I was instructed by most lenders to have them

sign, but in the past year most have sent information saying not to have a single borrower sign, and so I just went with that mode of thinking.

Reply by Linda_H/FL on 10/28/13 6:33pm
Msg #490111

Only one statement at the top of that form relates to joint credit - that would be that very last statement - anything preceding that statement can be construed as for a single borrower or multiple borrowers:

"This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower
information must also be provided (and the appropriate box checked) when 􀂆 the income or assets of a person other than the Borrower (including the Borrower’s spouse) will be used as a basis for loan qualification or 􀂆 the income or assets of the Borrower’s spouse or other person who has community property rights pursuant to state law will not be used as a basis for loan qualification, but his or her liabilities must be considered because the spouse or other person has community property rights pursuant to applicable law and Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan.


If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below):"

I always have it signed - have never had one kicked back.

Reply by Yoli/CA on 10/28/13 6:39pm
Msg #490112

Have always had it signed with no repercussions. n/m

Reply by MW/VA on 10/28/13 7:35pm
Msg #490125

Ditto. I, myself, have done loan apps. & the LO's never

have me sign that loan as a single borrower. I've always done it, and never had one kicked back.

Reply by TinaCA on 10/29/13 9:06am
Msg #490190

If I have 1 borrower, I always have them sign, and include an extra copy. Never had a problem. Love this board. Thanks Harry

Reply by Laurie Manzanares on 10/28/13 8:11pm
Msg #490131

I always have a single signer sign unless instructed not to. Quicken will write in "no signature". Never had one kicked back yet.

Reply by apsnltch on 10/28/13 8:36pm
Msg #490136

Interesting remarks in this forum March 1 and 2, 2006 from when the 1003 was first changed to include this paragraph at the top.

I do not believe that having a single person sign at the top of page 1 would jeopordize the loan/application...and the lender could swap it out when they get it back signed by a single applicant with a page with no signature as there are no other requirements on that page of the form. I personally still believe that it is for joint borrowers and community property states.
But if it has passedboth ways and no one has been drug over the fire for it...keep doing it as you have been.....
All the coments from March of 06 are interesting including the information in regards to a lender selling the loan....Message 101226 March 2, 2006

Reply by CarolF/NC on 10/28/13 8:50pm
Msg #490137

Except but for many companies have initials on page one n/m

Reply by MikeC/TX on 10/28/13 9:18pm
Msg #490145

The right way to do it...

... is whatever the hiring company wants. If you read the verbiage above those signature lines, it should only be signed if it's a joint loan. But who are we to argue? If the hiring company says get it signed, just get it signed and move on. Notarize, don't analyze...

Reply by CarolF/NC on 10/28/13 9:30pm
Msg #490147

But hiring company didn't say one way or another

am I supposed to mind read?

Reply by JanetK_CA on 10/28/13 11:24pm
Msg #490159

Re: But hiring company didn't say one way or another

Ever since a client insisted I go back to have a single borrower sign at the top of that page, I always have them sign at the top. If it's a married person with a non-borrowing spouse (or a single person, for that matter), I have them put "NA" by the co-borrower signature (which someone on this forum suggested many years ago) and that seems to make everyone happy.

As I've said here before (probably several times), one of the things that keeps this work from getting too boring is that what one company requires, another prohibits. Lately, I seem to be running into more and more conflicting instructions from lenders. It makes life interesting when you run into another one where nothing is specified and you just have to go with your gut and hope for the best. This issue is one of those.

Reply by Lee/AR on 10/29/13 5:45am
Msg #490163

Do it both ways, 1 extra page = everybody happy

With the exception of Quicken, who states 'no signature required', it seems that there is no concensus among Lenders on the single borrower--nor any instructions either. I always include 1 extra page, which, if no initials required, the B doesn't even see. Nor, frankly do most even notice they've signed, initialed one page and only initialed a duplicate. If they do notice (rare), I just tell 'em (see 1st sentence, omitting Quicken reference).

Easy 'fix' and may save an extra trip and some grief.