-- the people who hire you tell you to do so. If they told you to backdate a notarization, would you do that? They write your paycheck, maybe you should. (I hope not.) By the way, I'm not telling you or anyone how to run their business. Continue to as you have been, if it pleases you. I'm just stating facts. This should no longer be a question to anyone in the business.
Here's what the NNA reported almost 2 1/2 years ago regarding how agents and title companies are handling the "joint credit" issue:
"Signing Agents Report Confusion Regarding Form 1003" -- March 14, 2006
http://www.nationalnotary.org/news/index.cfm?Text=newsNotary&newsID=880
But wait a minute: You know, I see drivers frequently running red lights as I make my way around the region. I seem to remember from driver ed. (36 years ago!) that it was a no-no. Some days it seems like EVERYONE is doing it. I haven't looked at the traffic code very closely lately, so I could be wrong. Maybe since EVERYONE is doing it, it's now the right thing to do. And even if it's not, the chances that I’ll get caught are very small, right? And EVERYONE else was doing it ... Your Honor.
Maybe I don't personally, and the NNA as an organization, doesn't have a lot of credibility on this Board, but this other guy seems to ... or maybe he's all wet, too. Actually, I'd throw in with him any day. Here are a couple of posts found through "SEARCH."
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Reply by PAW on 1/11/07 1:16pm
Msg #170341
Re: Me, too Barbara [Replying to a comment that it's "better to have it signed and not need it than to need it signed and not have it"]
Except when the underwriter reviews the 1003 and wants to know where the other borrower is that is applying for joint credit.
I have been instructed by lenders and title companies that only those applying for joint credit are to sign the top of the 1003. Unfortunately, many brokers and loan officers don't understand why the one line and signatures were added to the 1003. (The paragraph preceding the last line has been there for years!)
I do not have single (as in number of) signers sign the top of the 1003, even for CountryWide loans. FannieMae and FreddieMac compliance departments both agree that only if there is an application for joint credit, should the applicants sign the top of the 1003.
The updated Uniform Residential Loan Application (Fannie Mae Form 1003, FreddieMac Form 65) has a section at the top of the form that enables the borrower and co-borrower to indicate their intention to apply for joint credit. This added section renders the use of "Evidence of Joint Application" (EOJA.MSC) form unnecessary or obsolete in those cases where the 1003 application form is used. However, because the 1003 application may not be used as the application for some types of loans (for home equity lines of credit, for example), the form may or may not be removed from loan packages. Many lenders do not, and never have, included the EOJA form which led FannieMae and FreddieMac to add the statement and signature to the 1003.
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And later on in the same thread:
Reply by PAW on 1/11/07 1:45pm
Msg #170358
Re: [This is why] not to have an individual sign the 1003 [in the joint credit section]
I had an individual applicant sign the 1003 as per instructions from the loan officer. (And against my judgment.) Four days later, I get a call from the servicing lender who is buying the mortgage from the correspondent lender wondering where the other borrower is and why their information wasn't made available. Needless to say, there wasn't another borrower and the application was for INDIVIDUAL credit, not joint credit. After having my butt chewed out, I told him that I was instructed by the loan officer to have the sole applicant sign. I haven't done that again since. I have had brokers and LO's tell me that a sole borrower must sign, but I explain why I don't. If a lender wants the borrower to sign, they can contact the borrower directly. They don't need me to do something that is against my better judgment."
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There are plenty of forms that we are sometimes asked to have the borrower sign that they really do not need to sign, and there is "no harm, no foul" in doing so. This is NOT one of them.
BUT EVERYBODY, PLEASE: Do what you want to do; it’s your business.
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