I NEVER have an individual applicant sign that section.
The one or two times a clerk has called me post-closing to inquire about the lack of a signature, I ask them to look at the 1003 loan application and identify for me just who the joint applicant is. I can then almost see the light bulb pop over their head and they say, "Thank you! Bye!"
Back in July, 2005, when this mess started, I spoke to a loan underwriter friend of mine who informed me that not only does it NOT HELP to have an individual credit applicant sign in that spot, it may hurt the file. In the future, when an potential investor or auditor may QC a file and see that signature, s/he may very well ask, "OK, who is the joint applicant, where's that co-borrower info? Is this file incomplete?"
NOT good. |
