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Why is it wrong?
Posted by Bear900/CA of CA on 9/24/21 1:47pm Msg #635357
One of the things I enjoyed most about being an NSA when I started loan origination was comparing what other lenders (not LOs) were doing differently, and figuring out why, perhaps even adapting, which I am open to doing.

OTOH, they may be totally wrong. While adaptable I'm not easily led astray. But I have a lot of questions as an originator.

1. OP says, "a particular lender..." not an LO or processor, wants both borrowers to initial the same spot. Hmm..

2. "Your initials._____ ", in both areas." What does this mean? Sorry OP, this is insufficient information.

3. OP doesn't provide enough information about the app which is to be expected. Our expertise doesn't go into how to complete it. We just know that it's joint. Is that sufficient? Joint apps can be completed and printed in different manners.

4. What's going on in their compliance department to make this adjustment if it's not a mistake? Something we'll never know, so why the big hoopla?

5. Were there distinct instructions for both borrowers to initial in the same place? OP doesn't make that clear. If so...

6. What do we know about the original 'intent' of having those initials? That's perhaps the best starting point when something is unclear. Spoil alert, there exists a lot of government Code to go through. Up for that?

7. Have you thought about picking up the phone and calling the LO who's name and ph number is on the 1003 and saying something like: "I noticed your bank gave specific instructions to have both borrowers initial the joint credit box. I'm trying to obtain a better understanding and increase my knowledge as a NSA. Would you mind if I passed this information on to others in my trade?"

8. If the feds allow lenders to modify 1003s such as adding signatures and initials on various pages is this also allowable? IDK...

I understand we are only concerned about where to sign and initial. Well, there you have it. The new URLA is still just that, new.
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Messages in this Thread
 My big mistake. So,,,,I thought each BWR is to initial - Alz on 9/23/21 1:28pm
 Re: My big mistake. So,,,,I thought each BWR is to initial -  Yoli/CA on 9/23/21 1:42pm
 And then ... -  Yoli/CA on 9/23/21 1:45pm
 Re: And then .. n/m - Lee/AR on 9/23/21 2:15pm
 Oops..Agree w/Yoli and Who's the Lender? n/m - Lee/AR on 9/23/21 2:16pm
 BBVA USA n/m - Alz on 9/23/21 2:48pm
 I agree, too, always done it that way. No issues so far. n/m -  JanetK_CA on 9/23/21 3:23pm
 Re: And then ... - Bear900/CA on 9/24/21 2:27pm
 Thank you. I think this was just one of those - Alz on 9/26/21 4:48pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - Alz on 9/23/21 2:48pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - Luckydog on 9/23/21 2:56pm
 Not your mistake--their's. It just shows that many of these -  MW/VA on 9/23/21 3:54pm
 Re: Not your mistake--their - pdl/cali on 9/23/21 9:22pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - CCW/MN on 9/24/21 8:03am
 Re: My big mistake. So,,,,I thought each BWR is to initial - Luckydog on 9/24/21 9:19am
 Anything worth doing is worth over-doing n/m - jnew on 9/24/21 12:56pm
 Why is it wrong? - Bear900/CA on 9/24/21 1:47pm
 This might help n/m - anotaryinva on 9/24/21 1:57pm
 Oops - anotaryinva on 9/24/21 2:01pm
 Re: Oops - Bear900/CA on 9/24/21 2:33pm
 That is the correct way n/m - Luckydog on 9/26/21 1:58pm
 Until told otherwise by the the lender - their call. n/m - Bear900/CA on 9/26/21 7:05pm
 #7 - Waiting for contact info from TC. n/m - Alz on 9/26/21 4:59pm
 They won't know. Only the lender will. n/m - Bear900/CA on 9/26/21 7:00pm
 Oops - contact info is right on the 1003 - Bear900/CA on 9/26/21 7:03pm
 Yes, the TC gave me the information. No I do not print. n/m - Alz on 9/27/21 11:10am
 Will an update n/m - Alz on 9/27/21 11:11am
 I mean. I will update everyone later n/m - Alz on 9/27/21 11:11am
 Yes it is acceptable! - Bear900/CA on 9/27/21 11:16am
 Re: Yes it is acceptable! -  JanetK_CA on 9/27/21 2:37pm
 Re: Yes it is acceptable! - Bear900/CA on 9/27/21 3:58pm
 Love it when lenders leave instructions for this kinda stuff -  JanetK_CA on 9/28/21 2:39pm



 
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