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Posted by  sigtogo/OR on 10/20/12 12:56am
Am I not allowed to disagree? I said it was my opinion and I also acknowledged that things may be different in Texas and I don’t doubt you speak from experience, as do I-over 30 years in lending as a processor, closer, UW, LO, appraiser, managing mortgage broker and even a short stint in R/E sales. And I respectfully submit that the buyer decides how they want to vest. They may seek advice of realtor, lender, attorney, the stars, whatever, but ultimately it is their decision. Obviously, if they wanted to vest in a name that is far off from their ID there would be issues and, as I said, title, lender, someone is going to raise the issue and it will be resolved…unless they are all asleep at the wheel. Thus the need for obtaining BO ID at the get go as raised by the OP. Every bank, credit union, brokerage I have worked for all required ID early on in the process of purchase or refi. Makes sense to me.
Who said anything about lazy borrowers?
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