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Posted by  sigtogo/OR on 10/19/12 7:31pm
I certainly realize things can be different across the country so I speak from the great state of Oregon ļ
1. PURCHASER/OWNER DETERMINES VESTING. when purchasing, buyer specifies in sales agreement how they want to take title. Of course, if their ID is vastly different from the sales agreement, then the buyer may need to amend the sales agreement or execute documents that satisfy the differences to the lenders satisfaction, or get new ID if its that important to them. I don't feel the need to discuss name variations here as that has been discussed numerous times.
2. REFI-vesting as show on the recorded deed is the preferable name on docs. This is not the lender telling them how to vest this is how BO decided to vest when they purchased. Again, if BO wants it to show differently, then docs will need to be executed to show the change. Lender that allow the Mtg/DOT to not match the vesting deed just makes more work for others on future loans or when property sells. I¡¦m guessing this happens because of ignorance or laziness on part of LO, processors, UW, escrow-pick one or blame them all as you wish ƒº
3. Competent LO¡¦s/Lenders/Realtors do require a copy of ID to avert these issues. I know I shouldn¡¦t be, but I am still amazed at the crazy stuff I see these days: LO¡¦s who never talk to their borrowers after the application, no communication from title and borrower ignorance of their loan, the loan process, fees, etc.
Alrighty, enough on that! Have a great weekend!!
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