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  1 person liked this post.
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PWinFL
Florida
469 Posts |
 Posted - 11/09/2009 : 5:25:40 PM
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quote:
Originally posted by CopperheadVA
I wonder if that one page can just be re-done instead? Did the borrowers have to initial each page?
I don't think legitimately that just the one page could be redone. Since the document is effectively being changed from what the borrowers actually signed (even though in error), imo the entire document would need to be initialed/viewed and re-executed and notarized.
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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CopperheadVA
Virginia
420 Posts |
Posted - 11/09/2009 : 2:09:49 PM
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NewLearner, you should offer to go back out and get the DOT re-signed for no additional fee, and then overnight ship to wherever they want it to go. You need to fix this one on your dime.
I wonder if that one page can just be re-done instead? Did the borrowers have to initial each page?
CopperheadVA
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Renee
Michigan
549 Posts |
Posted - 11/09/2009 : 1:30:46 PM
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"... then why did they write in the DOT that "The following Riders are to be executed by Borrower [check box as applicable]:" !?
Executed = signed, if there IS a Rider, the borrower(s) need to sign it; the instructions to check the box as applicable are to the lender, these DOT's (and Mtgs) are almost all boiler-plate forms.
Paul - I don't disagree with you at all, I was wimping out and trying to side-step the inevitable arguements from the "not our job/just a notary" camp. I shouldn't wimp out, it doesn't do us justice ... If you call yourself a Loan Signing Agent, then this is absolutely part of the job.
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CopperheadVA
Virginia
420 Posts |
Posted - 11/09/2009 : 1:08:31 PM
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If the rider applies, the box will already be checked. This is not for the borrower to determine - this is for the lender (document preparer) to determine. Borrower should never be checking these boxes.
As others have already stated, if a box is checked and the corresponding rider is not in the package, a call to the hiring party is in order. Not all DOT's have riders - some have none and no boxes are checked!
CopperheadVA
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NewLearner
California
10 Posts |
Posted - 11/09/2009 : 12:44:08 PM
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Thank you all so much for your information. It is true, "Tough lesson, but as you can see - there's a lot to know/learn." A precious lesson is learned.
"and the person who drafts the document (the lender, typically) will check whichever box is appropriate"
If the lender is reponsible for checking either one of those boxes instead of the borrower then why did they write in the DOT that "The following Riders are to be executed by Borrower [check box as applicable]:" !? |
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PWinFL
Florida
469 Posts |
Posted - 11/09/2009 : 12:33:18 PM
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quote:
Originally posted by Renee
While that's not your "job" to make sure it's there, it certainly is helpful to let them know if a Rider is missing.
I disagree with the above statement. As a Signing Agent, I do submit that it IS your job to ensure all Riders are there. As long as they are checked ("X") in the DOT/Mortgage. If the none of the riders are marked as being a part of the DOT/Mortgage, then there should be no riders in the package. Again, I submit that it is the responsibility of the signing agent to check for things like that. Just like they need to check for other documents, such as a Note, TIL, HUD, etc.
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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Renee
Michigan
549 Posts |
Posted - 11/09/2009 : 12:15:29 PM
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You should never alter any loan document w/out specific direction - nor should you be instructing borrowers to do so, unless you truly know what you are doing. Tough lesson, but as you can see - there's a lot to know/learn. Those boxes are on 99.9% of all DOT's, and the person who drafts the document (the lender, typically) will check whichever box is appropriate, if there ARE any Riders.
A "1-4 Family" Rider is for investment/rental property, up to 4 units - just as an fyi. If a box IS checked, then you should look for that Rider to be there. While that's not your "job" to make sure it's there, it certainly is helpful to let them know if a Rider is missing.
*Many times the Schedule A/legal description will be missing. That's not a problem for me or the MI SOS (we can notarize w/blanks); you have to find out your own and your state's protocol on that. |
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BigTom
6 Posts |
Posted - 11/09/2009 : 11:58:03 AM
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If there was no 1-4 Family Rider in the closing package, then the box should not have been checked. The actual rider will need to be signed and attached to the mortgage if the check box is checked.
Some mortgages have no riders. Just because there are check boxes does not mean one has to be checked.
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NewLearner
California
10 Posts |
Posted - 11/09/2009 : 11:34:52 AM
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Hello,
The Deed of Trust of a Re-Fi Loan I completed last week was rejected by the lender and cannot be recorded was due to the checked box "1-4 Family Rider"
This DOT required the borrower to check either one of the riders.. And so the borrowers checked this box because they believed their family is 1-4 family.
I went and checked the term Rider.. and it's kind of confusing..because of its meaning in insurance...Does the borrower have to sign or not.. I mean do they just leave "blank" on this section?
I'm very grateful for anyone could help me explaining about why not checking it (the rider box)? |
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Rider Meaning in Deed of Trust
