| Exactly the intent. The signing and title companies have borrowers sign across the board to avoid confusion. It does not invalidate the document to have a single borrower sign. The point of the signature is to make certain that borrowers understand that the co-borrowers credit is used in determining interest rate and loan terms. Federal law allows borrowers to apply for separate credit. Fair lending laws are the reason for these types of issues. The wives of yesterday used to rely on a husband's income and credit score. The fair housing and lending practices now protect them from that. So... while it is acceptable for single borrowers to sign, and most title and signing companies put it in big bold letters to have EVERY BORROWER SIGN AT THE TOP OF THE NEW FORM, it is just to keep things simple. |
