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venturanotary
California
13 Posts |
 Posted - 10/01/2008 : 09:53:25 AM
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Wow! Thank you to all of you who have commented. I do always try to reach the lender in this situation, but as you all know, they are frequently not available. I do think I understand what to do in this case, but I also learned other things from all the comments! I always appreciate that!
Sharon S. Young |
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Renee
Michigan
549 Posts |
Posted - 10/01/2008 : 05:48:37 AM
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The "Joint Credit" intention notwithstanding, there is also software issues that can result in borrowers having separate 1003's. Most lenders now use software that is directly linked to the credit bureau, which allows the credit report information to be downloaded directly into each 1003. Since only married people have joint credit REPORTS, only married people can have their credit info imported this way, resulting in one 'joint' 1003. Unmarried co-borrowers, having separate credit reports, will result in two, separate 1003's despite co-borrowing on the same loan (if generated with this type of software).
Also ... if a married person initially applies for a mtg w/out their spouse, and the 1003 is generated - and then it is decided to ADD the spouse, the software can demand that the added 1003 be separately downloaded. So, you can end up with a married couple, with separate 1003's.
Just in case this topic wasn't enough fun already. |
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vince
Kansas
324 Posts |
Posted - 09/30/2008 : 3:18:37 PM
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I had a very long closing about a year ago with a newly married couple and both sets of parents as co-signers. Just logging everyone in was time consuming. The title company had very specific instructions to follow regarding the specific documents they wanted signed and by whom (they had customized most of the documents). Unfortunately, they also included signature affidavits for all six as well. Fortunately, they were all very nice people |
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crtowles
California
553 Posts |
Posted - 09/30/2008 : 08:34:24 AM
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Thanks Linda. Good info.
Carmen
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lkassis
Iowa
60 Posts |
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crtowles
California
553 Posts |
Posted - 09/29/2008 : 3:02:08 PM
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You got some good advice here. I have had this happen before and they each had their own 1003. But if there we have 3 signers. I would check the 1003s for the names as they appear on the application. If any names were missing then I would just call who hired me and ask them what they want me to do. I never interject what I feel should be done even if I know. It is not our place.
Carmen
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PWinFL
Florida
469 Posts |
Posted - 07/17/2008 : 10:55:08 AM
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I have run into this quite often with young married couples and a parent co-signer, or a young person who is having their parents (both of them) co-sign.
Typically, with the 1003, if there are two people listed on the same 1003, they usually are applying for joint credit. Most lenders want individual borrowers who are not applying for joint credit to submit their own, individual 1003. The Fair Credit Reporting Act (FCRA) defines joint credit as credit applied to a husband and wife jointly. The rule of thumb that I was taught was if the applicants can (not that they do, but are able to) file a joint tax return, then they can apply for joint credit. But if the applicants cannot file a joint return, then they cannot apply for joint credit. Credit is reported against tax identification numbers (SSN in most cases). That's why the correlation to filing joint tax returns = ability to apply for joint credit.
Never drive any faster than your guardian angel can fly.
I am not an attorney licensed to practice law in the State of Florida,
and I may not give legal advice or accept fees for legal advice.
Visit us online at http://www.PAWnotary.com |
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Lee-AR
Arkansas
678 Posts |
Posted - 07/16/2008 : 10:25:19 AM
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Agree that it is best to ask the client on this. Only saw this once and it was 2 brothers--so am 'guessing' that it wasn't 'joint' credit, so each had his own appl. to sign as an individual.
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azdocsign
Arizona
89 Posts |
Posted - 07/15/2008 : 5:04:45 PM
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Great advice Jeremy. I always ask my client how to have borrowers sign any document I am unsure about. This way you can always be certain to meet your client's specifications and they are pleased that you take the extra time to contact them.
Kathy Fletcher
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Edited by - azdocsign on 07/16/2008 2:37:50 PM |
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jbelmont
California
3106 Posts |
Posted - 07/15/2008 : 2:56:36 PM
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Carmen would be a better person to ask this question to. However, based on my experience, its up to the lender to decide who signs where. The notary is "just following orders" and asks people to sign where their names are unless they have been given specific instructions to do otherwise.
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venturanotary
California
13 Posts |
Posted - 07/15/2008 : 10:11:16 AM
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When there are more than one applicants on a loan, 3 for example, there will be 2 applications in the loan package. Who signs which application? Do they all sign both, by just squeezing in the signatures? Or just the one their name is listed on? If they just sign the one they are listed on, then nowhere are they saying that they understand that they are applying for joint credit.
Let me know, Carmen. Thank you! |
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