Posted by walthtz on 9/11/13 11:19am
Msg #484132

Names Different

Can anyone explain why in a loan package a persons' name might be different so many times?
The BR: JON Q JONES 3RD (name is an example)
That way on the Mtg & Right to Cancel.
Some of the docs just say jon jones
a few of the docs have the Middle Initial
Some of the docs put the 3rd after the name.
It seems very confusing unless the company is doing it to catch us up.
Thanks
Walt

Reply by Lee/AR on 9/11/13 11:22am
Msg #484134

My only explanation is 'gremlins'. n/m

Reply by sueharke on 9/11/13 11:23am
Msg #484135

I've had that experience. I just ask the borrowers to sign the form as the name on the form. If this leads to a resign, it is the fault of title, not the notary.

Reply by walthtz on 9/11/13 11:24am
Msg #484136

O, I do that too, Just ask the BR's to sign as written, but very confusing.

Reply by Pam/NM on 9/11/13 11:24am
Msg #484138

Just curious..is the III on his ID? n/m

Reply by walthtz on 9/11/13 11:52am
Msg #484154

Re: Just curious..is the III on his ID?

YES, It was

Reply by VT_Syrup on 9/11/13 11:33am
Msg #484143

I've never been involved in creating loan packages. It would be fascinating if someone who was involved could explain the process, and why these discrepancies come up.

Based on what I've seen in packages, and a few websites from some of the title companies, it appears that the process is highly automated, but there isn't one coherent system that does everything, there's a bunch of different systems that do different parts. So presumably the part that does the note and mortgage was fed JON Q JONES 3RD, the part that does the loan app was fed JON JONES, the part that does the flood insurance notice was fed JON Q JONES, etc. I imagine this is why we see so many different formats for acknowledgement certificates and jurats in the same package.

This sort of corresponds to the way different parts of the government have different ideas of what a name is, and they change their mind over time. The part that creates birth certificates has a place for first, one or more middle, last, and perhaps suffix. My state, when they first announced enhanced drivers licenses, said they were just going to put first and last on the license, but I've seen enhanced licenses with middle initials. If an agency such as a DMV asks Social Security to confirm a name, they only look at first and last and don't care about middle names.

So the various parts of the loan creation process may very well be getting the names from various government sources, as well as what the borrower tell them and credit reports, so naturally they will have different versions of the name.

Reply by Stephanie Santiago on 9/11/13 11:37am
Msg #484146

Not detailed orientated and oftentimes in a rush. n/m

Reply by Teresa/FL on 9/11/13 11:49am
Msg #484152

Some documents (broker docs) will have the name as shown on the initial application.

Once the preliminary title report has been done and submitted to the lender, that will sometimes change how the final loan docs are produced if the name shown on title is different from how the application was filled out.

Most of the time the loan docs are produced with the borrower's name as shown on title (per the preliminary title report). This can cause issues if there has been a name change since the property was acquired, a titleholder is deceased, or if there was an error in spelling when the initial deed was recorded.

It is a mystery to me why someone in the process does not look at these discrepancies before the docs are sent to us.

Reply by Luckydog on 9/11/13 12:38pm
Msg #484179

Pretty common...Just make sure they sign the AKA all ways and they sign as each document reads. Most of the time it is the middle name or initial added or dropped. Ex. Bill K. Jones or Bill Jones...If it is a plain discrepancy of names...as Bill Jones to William Jones, I deff. would let title know.

Reply by walthtz on 9/11/13 12:54pm
Msg #484182

the AKA was signed all ways.
I was just curious as I have seen this happen many times.

Reply by janCA on 9/11/13 3:44pm
Msg #484235

Inept processors. n/m

Reply by walthtz on 9/11/13 5:39pm
Msg #484265

Re: Inept processors.

YEP, I agree!

Reply by John/KY on 9/12/13 2:46pm
Msg #484387

Re: Inept processors.

After years at a title co., I realized it has to do with different people drawing different docs in the package. Certain docs are drawn at the beginning of the loan process (original 1003 and disclosures) are done before title is run with whatever name the borrowers gave/or name from ID. Once title gets the file they put the name given to them by the loan officer into their system, and then once the title comes back they update the system (or one system out of several... one for drawing commitments, one for funding and escrow, one for drawing docs, etc) with whatever the vesting is on the current deed. So several systems at title may have several different variations depending on when the system was updated in the process. Then the processor for the LO gets a hold of the file and decides one name to put on her forms she draws to send to underwriting, then Underwriting generates part of the package (usually Mortgage/TIL/RTC and lender disclosures) and may use yet another. Its all the different parties involved in the transaction causing the variations. How they get any of it done at all is beyond me!