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Posted by  Dennis D Broadbooks on 5/4/07 8:43am
...after two years of utilizing this new language in the 1003 there'd be a "uniform" interpretation of its meaning & how the borrower(s) should sign. Personally I can see both sides of the argument as its been presented here in this thread & other past postings, but believe the "intent" is to have the lines on the 1st page signed ONLY when the two borrowers are applying for joint credit. To be on the safe side it probably does make sense to have them sign both ways on separate forms & let the powers that be decide which is correct, discarding the other. Great idea, Brenda.
BTW, I've never had a 1003 returned to me for correction when a borrower applying for the loan on his/her credit alone didn't sign the 1st page. I've also never been instructed to have a single borrower sign on the 1st page of the 1003 & I've asked multiple TC's repeatedly if they should. |
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