if what I had stated was accurate --after you said that it might be that way in Texas.
And, I am puzzled that it surprised anyone.
In TX there is an instrument used to convey title at the time of purchase **IF** there is going to be a loan on the property. It is called a Special Warranty Deed with Vendor's Lien. That deed is filed first, then the Deed of Trust. The SWD/VL gives notice of the lender's encumbrance so that the conveyance cannot be followed by another lien that is not the lender's.
The name in that deed matches the loan documents. According to the lawyers that I worked for,lawyers I worked with in other positions, and the the signature block manuals that I used (written by a Texas lawyer) the SWD/VL is going to match the loan documents 100% of the time. Law? I don't know. But, that's the way it is done to avoid adverse consequences for the lender; and, by all means, the name must be the borrower's exact name, which may or may not be on a DL or passport.
The lender, therefore, certainly does (in my experience) insert itself into the vesting. I don't want to get off further into the weeds on where a lender is not involved because that is not pertinent to to the point that I am trying to make.
Yours and Ronnie's surprise at this process sent me to do a little researching to check myself.
I found that one key in lender underwriting guidelines is making sure that documents are in the "legal names" of the parties (whatever that is).
I also found that there are plenty of parties who are unhappy over the "legal names" that they have been hung with at their lenders' insistence. One woman whose name was "Susan" had a loan in the name of "Sue" and another woman who had recently divorced was tagged with First Middle Maiden Married names when she had already changed her name legally back to her maiden name. Another instance is a foreign name changed to the order that an American name would be in. These types of names are what I meant as far as "doozies." At the closing table, you go along with the name or you delay the loan and argue...you may or may not win.
Borrowers really would benefit from having a lawyer review their documents.
As I think I mentioned, that First Middle Maiden Married name situation is a huge problem for me in producing ID with my long abandoned middle name given at birth. I found one example of that complaint online, as well.
Lazy borrowers? On this board we discuss regularly how the borrowers need to go get ID to match the vesting, but they have not taken care of business. I think that I mentioned that earlier. My participation in this thread was to try to explain that it's not always as easy as it sounds that ID should match loan documents.
ID and document name match doesn't always hinge (in my experience) on the beginning of the process when title is opened. The change can come in the last few days or hours (in my experience) when underwriting decides to throw a curve into it and change up the SWD/VL and the loan documents...and Heaven help the document prep person if it is a commercial loan.
Frankly, I don't know how anyone can sustain a signing agent business by requiring matches. I have not seen them more than 50% of the time.
I think that's about all I can offer on this topic. |
| Messages in this Thread |
|  Title co process improvement suggestion - Ronnie_WA on 10/19/12 3:22pm |
|  Re: Title co process improvement suggestion - signhere/ca on 10/19/12 3:47pm |
|  Re: Title co process improvement suggestion - Ronnie_WA on 10/19/12 4:01pm |
| Re: Title co process improvement suggestion - Pro Mobile Notary on 10/19/12 4:12pm |
| Re: Title co process improvement suggestion - Ronnie_WA on 10/19/12 4:22pm |
|  Re: Title co process improvement suggestion - Pro Mobile Notary on 10/19/12 5:15pm |
|  Re: Title co process improvement suggestion -  BrendaTx on 10/19/12 5:19pm |
|  Correction - BrendaTx on 10/19/12 5:20pm |
| This is rude, unnecessary and damned offensive - HisHughness on 10/19/12 5:26pm |
| Re: This is rude, unnecessary and damned offensive - janCA on 10/19/12 5:35pm |
|  That's Howard, alright. n/m - BrendaTx on 10/19/12 5:48pm |
| Usually I find Howard's contributions helpful. This was not. n/m - HisHughness on 10/19/12 8:57pm |
| Re: This is rude, unnecessary and damned offensive - Ronnie_WA on 10/19/12 5:52pm |
| My perspective is that you are a jerk PMN. - JS_MD on 10/19/12 9:28pm |
| PMN offered $70 4 an edoc refi 70 miles away last month.lol - JS_MD on 10/19/12 9:42pm |
| Re: Title co process improvement suggestion - jba/fl on 10/19/12 10:18pm |
| Ronnie_WA - BrendaTx on 10/19/12 4:24pm |
| Re: Ronnie_WA - Ronnie_WA on 10/19/12 4:27pm |
| Re: Ronnie_WA - BrendaTx on 10/19/12 5:00pm |
| Re: Ronnie_WA - Shoshana/AZ on 10/19/12 5:07pm |
| Re: Ronnie_WA - BrendaTx on 10/19/12 5:11pm |
| Re: Ronnie_WA - Ronnie_WA on 10/19/12 5:55pm |
|  Re: Ronnie_WA - BrendaTx on 10/19/12 6:04pm |
|  buyer tells seller via sales agreement how they want vesting n/m - sigtogo/OR on 10/19/12 7:34pm |
| sorry Brenda, must disagee- buyer/borrower decides vesting - sigtogo/OR on 10/19/12 7:47pm |
| Re: sorry Brenda, must disagee- buyer/borrower decides vesting - Ronnie_WA on 10/19/12 7:54pm |
| I have to ask you, why are you surprised? - BrendaTx on 10/19/12 11:41pm |
| Seems as though I hit a nerve-not my intention - sigtogo/OR on 10/20/12 12:56am |
 |  No, you said that you "would be surprised" - BrendaTx on 10/20/12 11:50am |
|  When I did purchase closings in CT with mortgages - Linda_H/FL on 10/20/12 12:17pm |
|  Re: When I did purchase closings in CT with mortgages - BrendaTx on 10/21/12 8:54pm |
| Re: Ronnie_WA - Ronnie_WA on 10/19/12 5:08pm |
| Thank you, Ronnie. I appreciate your patience. - BrendaTx on 10/19/12 5:33pm |
| Re: Thank you, Ronnie. I appreciate your patience. - Ronnie_WA on 10/19/12 5:47pm |
| PS - I have many years experience in legal/title/mortgage - BrendaTx on 10/19/12 5:08pm |
| Re: PS - I have many years experience in legal/title/mortgage - Ronnie_WA on 10/19/12 5:10pm |
| Re: PS - I have many years experience in legal/title/mortgage - BrendaTx on 10/19/12 5:16pm |
| Re: PS - I have many years experience in legal/title/mortgage - Ronnie_WA on 10/19/12 5:20pm |
| Is that a lender law, title/insurance law, or notary law? - BrendaTx on 10/19/12 5:22pm |
| Re: Is that a lender law, title/insurance law, or notary law? - Ronnie_WA on 10/19/12 5:30pm |
| Re: PS - I have many years experience in legal/title/mortgage - Ronnie_WA on 10/19/12 5:24pm |
| Her problem is that you claimed a statutory requirement. - HisHughness on 10/19/12 5:32pm |
| Re: Her problem is that you claimed a statutory requirement. - Ronnie_WA on 10/19/12 5:41pm |
| Re: Her problem is that you claimed a statutory requirement. - BrendaTx on 10/19/12 5:47pm |
| Re: Her problem is that you claimed a statutory requirement. - BrendaTx on 10/19/12 5:43pm |
| Re: Her problem is that you claimed a statutory requirement. - JanetK_CA on 10/19/12 6:08pm |
| A first for me last night... - JanetK_CA on 10/20/12 4:11pm |
| My take on some of this! - sigtogo/OR on 10/19/12 7:31pm |
| strange punctuation--cut and past from word :) n/m - sigtogo/OR on 10/19/12 7:57pm |
